Member Article

Dear Mr Osborne – NW businesses offer their Budget wish-lists

Liz Mear, CEO of the newly-launched North West Academic Health Science Network, which is based at Sci-Tech Daresbury and helps to accelerate innovation into the NHS by supporting SMEs across Merseyside, Lancashire, South Cumbria and Cheshire, said: “The UK’s economic growth requires knowledge-based businesses to get established, grow and thrive.

“We want to see the Chancellor extend the measures already in place to support innovation and help to drive growth forward.

“In the health sector, technological advances driven by innovative private sector companies are becoming increasingly key in the challenge to improve and advance our healthcare system and investment in R&D is crucial.

“We urgently need to see innovation supported so that Britain is able to compete on a global scale and also benefit from the advances that this innovation offers on a local level. We’d be keen to see the Chancellor repeat the tax incentives he has put in place to support innovation, such as R&D tax credits and the Patent Box.”

Dr Neil Murray, CEO of Redx Pharma, the early stage drug research company based in Liverpool and at Alderley Park, Cheshire.

“Liverpool’s future depends on maintaining a healthy flow of start-up companies that can attract investment. In our experience, government programmes such as the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme, which encourage investment through tax breaks, are an excellent way of helping that happen.

“However, the problem comes when you try to mix EIS investment with VC funding as the company grows. Under EIS you are not allowed to offer preferential shares, but that’s exactly what VCs demand. The US tax authorities have resolved this issue, so the Chancellor should make this practical change here.”

Neil Sturmey, head of office at the Liverpool accountancy firm Grant Thornton, said: “Liverpool already understands that attracting inward investment requires a skilled workforce. There’s a great deal of focus on the issue through the LEP and the Employment and Skills Board, which is Liverpool City Region’s lead strategic voice for improving the skills and productivity of the workforce.

“This vital activity would have even more impact if the Chancellor did more to support businesses with the employment challenge. To that end, we’d like the Chancellor provide an NIC exemption for employers and employees for the duration of an apprenticeship to further encourage businesses to invest in equipping people with the right skills for today’s market.

“We are playing our part too – Grant Thornton is supporting a new apprenticeship scheme from The Peter Jones Foundation. As the cornerstone partner of the foundation, Grant Thornton was one of the first companies to enrol young people onto the new scheme and is committed to the successful development and value of the scheme.

“As the lead delivery partner of GrowthAccelerator, Grant Thornton will also be instrumental in highlighting the value of apprenticeships to the 13,000 high growth SMEs it works with, including many in the Liverpool City Region and the wider North West.”

Peter Mooney, Head of Consultancy with ELAS, the business support agency based in Manchester, said: “The young people of today are the employers of tomorrow. The employers of today should be given more incentives now to enable them to recruit more under 25s.

“Mr Osborne should also overhaul business rates to lessen the overall tax burden for those trying to drive the economy forward.

“Most of all, we would welcome measures to boost productivity. More people in work, without a corresponding increase in productivity, will not secure strong economic growth in the long term. The key to long term prosperity is sustained increased productivity.”

ELAS provides legal advice and a range of services including HR and Payroll, to companies of all sizes across the UK and the Republic of Ireland.

Hugh Sheridan, CEO of ALG, the medical footwear company which operates an international business from a base in Speke, said: “A number of NHS departments have been drastically effected by budget cuts, especially in the areas where we work - podiatry, physiotherapy and orthopaedics.

“If the NHS can no longer provide preventative services such as physiotherapy and rehabilitation because the resource is no longer there, then the Chancellor needs to introduce real tax benefits for private medical insurance. Tax breaks would help ensure these important services are provided for everyone at an affordable cost.

“Private medical insurance can no longer be for a select few members of the general population. As a company we are working with Allied Health professionals to ensure that we offer products and value added services across the board, we work closely with the NHS to ensure that we provide them with cost effective products to suits their needs.”

This was posted in Bdaily's Members' News section by Simon Malia .