Home News Asia News LIB DEMS: Start-up Allowance for Entrepreneurs

LIB DEMS: Start-up Allowance for Entrepreneurs

Mr Tim Farron, the new leader of the Liberal Democrats

The Liberal Democrats would give a “start-up allowance’ to help budding entrepreneurs with living costs in the first six months of setting up their business….reports Asian Lite News

Mr Tim Farron, Leader of the Liberal Democrats

The Lib Dem plan will entail budding entrepreneurs to receive £2600 over the first six months (£100 a week) of setting up their new business. It is to help with living costs in the testing early stages.

The policy looks to build upon the success of the start-up allowance scheme, which was introduced under Lib Dem Business Secretary of State Vince Cable in Coalition. Almost a third of all entrepreneurs under this scheme were from ethnic minorities, figures show.

The party is making a bold pitch to be the party of business with Tim Farron the only major party leader committed to Britain’s membership of the single market.

Susan Kramer, Liberal Democrat Business spokesperson, said: “The stereotype of Asian businesses is changing rapidly; while that stereotype is still there – around 30% are in the retail sector – it is rapidly diversifying.

“I know from my own time in business, the early months can be really tough. This will really help get small businesses off the ground and let the economy grow. It takes courage to set up a business, and we are on the side of entrepreneurs.

“While the Conservatives focus on giving tax cuts to giant corporations, our focus is on small businesses seeking to grow,” said Mr Farron said. “And unlike Labour and the Conservatives, we would stay in the single market.”

Other key policies include reviewing controversial business rates and expanding the state-owned British Business Bank to make it easier for firms to borrow.

“Many firms are struggling to borrow to invest, and that is suffocating an economy being propped up on consumer spending,” Mr Farron added. “The Conservatives have lost the right to call themselves the party of business. The Liberal Democrats are now that party.

“A Conservative landslide will be bad for you and your family. Bad for your job. Bad for your bills. Bad for the NHS. Bad for our schools. But have hope. A better future is available.”