HISTORIC PRESS RELEASE : Economic Secretary to the Treasury Addresses North Yorkshire Entrepreneurs [March 2004]

The press release issued by HM Treasury on 8 March 2004.

Speaking at a conference in York of over 100 owner-managers and representatives from schools and local government tonight (Monday 8th March), John Healey, Economic Secretary to the Treasury and MP for Wentworth in Rotherham, said:

“For too long the world of the entrepreneur has seemed closed to all but the lucky few.  What we need is a dynamic business culture right across the country. Enterprise must be open to all in the UK and we cannot accept ‘no-go’ areas for successful companies.

“More than 148,000 extra jobs have been created in Yorkshire and Humber since 1997.  However, with all its potential, the region still punches below its weight economically. In a Britain enjoying the benefits of hard-won macro-economic stability, the challenge facing the region is to build on this success through a shared commitment to enterprise and wealth creation.”

Mr Healey argued that the region’s inner cities, towns and old industrial areas in parts of Sheffield, Rotherham and Leeds should be seen as new markets with competitive advantages – such as their strategic locations, their often untapped retail markets, and the potential of their work force.

The potential has already been demonstrated by the 11 firms from Yorkshire represented in the Inner City 100 index in 2003. This index celebrates the 100 fastest growing firms in urban areas. Yorkshire and Humber had the third highest regional representation, with four businesses in the top twenty and the second fastest growing firm – Action 4 Employment Ltd, based in Sheffield.

Mr Healey added:

“Our goal is that no one is left out on the margins of enterprise, no one excluded from the mainstream of economic prosperity.

“We are putting in place the right incentives to stimulate business-led growth in our inner cities and estates, and encourage much bigger flows of private investment. Our aim is to make the market work in places where it is failing. That is why we designated the 2000 most deprived wards in the country as Enterprise Areas.

“This benefits the property market, with abolition of stamp duty for domestic properties up to a value of £150,000 and all commercial properties. Breaking down barriers to enterprise in our most disadvantaged communities in North Yorkshire will tackle remaining barriers to local job and wealth creation and will help us realize the full economic potential of our region.”

“Other advantages enjoyed by Enterprise Areas include: the Phoenix Fund (which has helped in the creation of 330 new businesses and supported almost 1200 existing ones in Yorkshire) and the Bridges community venture capital fund; and new powers for planning authorities that will cut red tape for growing businesses by removing the need for them to apply for planning permission.”

Cllr Paul Blanchard, who organised the event, said:

“As Chair of Young Enterprise in York, we’re really pleased that Mr Healey has agreed to speak at our event.  Creating a dynamic business culture in this country must start within our education system – showing the adults of the future the benefits to themselves and their community that entrepreneurism can bring.

“Young Enterprise is at the heart of this – founded in 1963, and a national business education charity, in this region we run six programmes for over 6,500 young people in schools, colleges and universities; with guidance from local business volunteers, teachers and tutors. Usually programmes are class-based, and three involve students running their own real company, developing entrepreneurial skills for personal success and enhancing their employability.”