StartUp funding for young people
During the next three years, ministers will put £82m into the StartUp programme, which will offer loans worth on average £2,500 to people aged 18 to 24 who can show that they have a robust business plan.
The launch coincides with the publication of a report from Lord Young, the Prime Minister’s enterprise advisor, saying that there would be 900,000 more businesses in Britain if it had the same culture of entrepreneurship as the US. He said small businesses are “the engines of any healthy economy”.
Lord Young was appointed as enterprise tsar in 2010, but had resigned within a month after claiming that British people had “never had it so good”. He quietly returned to his role last October in an unpaid capacity.
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