I have more measures to help small businesses in particular. The need to focus on smaller firms with growth potential has been an extremely important theme of the industrial finance initiative. It is absolutely
essential that we have a healthy and vigorous small firms sector for the future economic well-being of the country and to achieve higher levels of employment.
One important way in which we can help small businesses is by encouraging the venture capital industry. A flourishing venture capital industry plays a key role in promoting job creation, innovation and growth. The British venture capital industry has been growing in recent years and I am determined that that growth should continue.
In my Budget last year, I announced the introduction of the enterprise investment scheme and I announced consultation on a possible new venture capital trust scheme and an extension of capital gains tax reinvestment relief. All three measures were aimed at encouraging equity investment in small companies. I want to build on them today.