SME's are said to be crucial to the success of the nation's economy. Firstly, the competition for talent. Creative entreprenuerial, inventive people are seeking out small businesses, becoming self-employed, or starting a business of their own. Secondly, the speed of innovation. As technologies and consumer taste change with dizzying rapidity, success goes to those businesses that are first to the market with new products, new ideas and new ways of doing things.
Small businesses can generate ideas, allocate resources and get to the market faster.
Thirdly, the internet itself. Electronic networks allow small business to find suppliers, partners and customers all over the world, improving their position in the supply chain and getting the benefits of size through collaboration with others, without sacrificing the advantages of staying small. The top priority for business is low inflation and interest rates as low as possible. We will aim to help more small businesses over the next three years, by commiting up to 50 million from the Enterprise Fund. Simpler taxes - We will consult business on radical proposals for simplifying the way in which small firms are required to calculate tax due on profits.