Small businesses 'need more govt support'

In a meeting between the Federation of Small Businesses (FSB) and Invest Northern Ireland Wilfred Mitchell, FSB Policy Chairman, has said that the British government must give support to small businesses in the North if the sector is to compete.

In a meeting to discuss concerns of the small business sector Mr Mitchell said: "The FSB recognise that priorities exist within Invest Northern Ireland budget provision.

"However, to ensure a sustainable economy given the current dependency on the public sector, more support and resources are necessary from the government to develop wealth creation and a more vibrant private sector.

"During our discussions we recognise that our Universities need to be more effective in promoting Research & Development opportunities for small businesses to help them export.

"Despite getting two thirds more funding than Universities in the rest of the UK we are still behind in the practical application of scientific research into economic development for businesses.

"Issues such as the Corporation Tax differential with the Republic of Ireland impinge on our opportunities for foreign direct investment, this coupled with high insurance costs and electricity is of major concern to our economy and are barriers to the creation of many more new small businesses.

"They must be addressed if Northern Ireland businesses are going to succeed and compete in a global environment."