Richard Branson says UK must ‘make it easier’ to be an entrepreneur

Sir Richard Branson, the founder of Virgin Group, has urged policymakers to support and champion British entrepreneurs. In an article for City AM, Branson highlighted the challenges faced by entrepreneurs in the UK and emphasized the need for an environment that encourages innovation and growth. According to Virgin Startup research, many founders feel that Westminster does not listen to their concerns.

The difficulties faced by entrepreneurs are a concern for the new Prime Minister, Andy Burnham, and his Treasury team, as they strive to address issues such as youth unemployment. Burnham and Chancellor John Healey have vowed to back businesses, with plans like a 20% business rate cut for pubs, clubs, and music venues, as well as reduced VAT on energy bills.

However, the government needs to do more to encourage young people to pursue entrepreneurship, as the number of young people not in education, employment, or training (NEETs) continues to rise.

Notably, over 87% of parents surveyed by Virgin Startup would support their child starting a business this year, and more than 30% would prefer their child to start a business rather than attend university. This trend is attributed to factors like high student debt and alternative career paths that do not require further education. Over 60% of parents are already trying to instill an entrepreneurial spirit in their children, teaching them about investment, profit, and costs.

Sir Richard stressed that societies benefit when entrepreneurs succeed and that fostering an environment that makes it easier to build and develop a business is crucial. Virgin Group's expansion over the decades includes travel, leisure, health and wellness, media, and telecoms, with iconic brands such as Virgin Atlantic, Virgin Active, and Virgin Mobile.