Vince Cable wants to transform Devon and Cornwall
Vince Cable, Business Secretary in the Coalition Government, promises to empower entrepreneurs to transform the prospects of Devon and Cornwall.
Writing in the Western Morning News he says, “The South West has a strong foundation for growth. From tourism to business services, advanced manufacturing to the creative industries.
“Regional economies built chiefly on large scale public sector employment are artificial economies: economies on life support. [...] The detail suggests the last government got important things wrong; an excessive dependence on the banking sector. [...] We now need the counterbalance of private sector jobs and enterprise.”
As Communities Secretary Eric Pickles has emphasised during recent days, the regional development agencies (RDAs) were artificial constructions with little local economic logic.
“We are going to replace them with Local Economic Partnerships that will be built from the ground up. [...] We are introducing a special exemption from National Insurance payments for new businesses. An entrepreneur in the South West can save £5000 in NI payments for every one of the first ten jobs they create. Up to 54,000 businesses in the region can benefit.
“We need [...] business investment, exports, job creation. We’ll do this by backing private enterprise wherever it wants to build businesses and create jobs.”
Good news for Devon and Cornwall.
