In its 2021 Budget submission, the Institute of Directors (IoD) has urged the government to put entrepreneurs ‘at the heart’ of the economic recovery from the coronavirus (COVID-19) pandemic.
The IoD called for the creation of a stimulus package to ‘unleash investment in start-ups and scale-ups through targeted reliefs’, and for the government to provide a grant package to owner-directors who have been without significant financial support for almost a year.
The business group also called for the government to avoid tax hikes and an extension of the COVID-19 business support measures.
‘Entrepreneurs need to be at the front and centre of the government’s recovery plans,’ said Jonathan Geldart, Director General of the IoD.
‘Businesses will be creating the jobs and driving the innovation that the economy needs to rebuild – and this Budget must support them.
‘With battered balance sheets and ongoing restrictions, it is paramount the existing package of grants, loans and reliefs is extended. A cliff-edge in support would be disastrous for business. Also, it is high time the millions who have not qualified for significant income support, like owner directors, are given some reprieve.’