Entrepreneurship Opportunities

Lord Sugar Excerpts

Thursday 24th May 2012 Lords Chamber

[Baroness Wilcox]

The Government recognise the need to help young people to access the finance that they need to start up their own businesses and to be entrepreneurs. As I just said, next week we will be launching the £10 million start-up loans scheme which is specifically aimed at 18 to 24 year-olds. My colleague the Minister for Business and Enterprise in the other place, Mark Prisk, met Sir Richard Branson last week, and the issue of start-up loans was raised during those discussions. So it looks as though I have missed my chance to fly to the moon with Richard Branson but he is a wonderful role model, and more courage to him.

[Lord Sugar]

My Lords, is the noble Baroness aware that many young people considering taking the leap of leaving employment and starting their own business are hesitant to do so for what I consider to be the least of their troubles? They are hesitant because, for example, they are worried about how to register for VAT, how they will be able to pay their taxes and how they will pay national insurance. However, as I said, this is the least of their problems. Can the Minister consider an initiative whereby HMRC publicises in some way how easy it is to start up in business and perhaps publishes some kind of crib sheet which says that it is easy to get going?

[Baroness Wilcox]

I thank the noble Lord for that question. It is a very sensible idea. We have many things under way but I think that this is a new way of thinking in that direction. It is what we expect from the noble Lord, and I would love to think that one day we could get him to sign up as one of our enterprise champions.