HISTORIC PRESS RELEASE : HM Treasury seeks the views of West Midland Businesses [January 2003]

The press release issued by HM Treasury on 21 January 2003.

West Midlands business will be on the agenda, when Economic Secretary John Healey visits Birmingham Chamber of Commerce on Tuesday 21 January.  The Minister will be listening to the views of business leaders from across the region on local enterprise.

The Economic Secretary’s visit to the West Midlands is part of a national pre-budget consultation by HM Treasury, with Ministers visiting different regions to hold discussions on key budget topics.

The West Midlands has benefited from a range of enterprise and productivity initiatives by the Government:

• Employment has risen by more than 73,000 and unemployment has fallen by 18,000 in the region since 1997;
• Over 93,000 young people in the region have gained new skills and experience through the New Deal, over 30,000 of whom have already moved into jobs;
• Making work pay for all, with the Working and Child Tax Credits, from 2003, will help over half a million families in the West Midlands;
• Creating almost 120 Enterprise Areas in the region, giving more people the chance to start and develop new business;
• Providing extra support to tackle barriers to business growth including the extension of the VAT flat rate scheme – the West Midlands has almost 58,000 businesses eligible to use the scheme;
• Tackling pensioner poverty and rewarding savings, with an estimated 350,000 pensioner households benefiting in the region.
• 61,500 children typically born in the region each year will benefit from further development of the new Child Trust Fund, ensuring that young people start their adult lives with a pot of savings.

John Healey commented: “The West Midlands has a strong tradition of industry and enterprise. We acknowledge the pressures that businesses are facing, and now I want to hear first-hand from local businesses how we can better support Britain’s entrepreneurs. This is a valuable discussion as we put in place preparations for the Budget.

“The Government wants to build a stronger, more enterprising economy and a fairer society. The West Midlands can make a huge contribution to that.”

The Minister then visits a social enterprise in central Birmingham, which works with people suffering from addictions – helping them to overcome their problems and giving them the opportunity to learn about and actually run a business.