The existing scheme, which makes low-interest loans available to would-be entrepreneurs, is only available to people under the age of 30. In his latest report, Young also called for steps to make it easier for SMEs to bid for government contracts.
He pointed out that micro-businesses (made up of fewer than 10 employees) constitute about 95% of the UK’s economy. He said: ‘We have one of the best environments in the world for the creation of new firms.
‘What this report endeavours to do is to help and encourage all those new firms to now take on their first employees and grow. Growing smallest businesses would transform our economy – they are the vital 95%.’
He also pointed out that if just half of the UK’s micro businesses recruited a single additional member of staff, then unemployment would be reduced to almost 0%.