The Liberal Democrats would give a “start-up allowance’ to help budding entrepreneurs with living costs in the first six months of setting up their business.

The party is making a bold pitch to be the party of business with Tim Farron the only major party leader committed to Britain’s membership of the single market. Tim will launch the party’s business policy at the Liberal Democrat Entrepreneurs Network event on Tuesday night.

Susan Kramer, Liberal Democrat Business spokesperson, said:

“Entrepreneurs are the lifeblood of a thriving economy but I know from my own time in business, the early months can be really tough. This will really help get small businesses off the ground and let the economy grow. It takes courage to set up a business, and we are on the side of entrepreneurs.”

Tim Farron said:

“While the Conservatives focus on giving tax cuts to giant corporations, our focus is on small businesses seeking to grow. And unlike Labour and the Conservatives, we would stay in the single market.”

Other key policies include reviewing controversial business rates and expanding the state-owned British Business Bank to make it easier for firms to borrow.

Tim Farron added:

“Many firms are struggling to borrow to invest, and that is suffocating an economy being propped up on consumer spending. The Conservatives have lost the right to call themselves the party of business. The Liberal Democrats are now that party.

“A Conservative landslide will be bad for you and your family. Bad for your job. Bad for your bills. Bad for the NHS. Bad for our schools.  But have hope. A better future is available.”

Note to editors:

Any journalist wishing to attend the Entrepreneurs Network launch event with Tim Farron on Tuesday evening should email [email protected]

The Start Up Allowance: budding entrepreneurs would receive £2600 over the first six months (£100 a week) of setting up their new business. It is to help with living costs in the testing early stages.
The British Business Bank: founded by Vince Cable to investment in young, fast growing companies.
The initial objective was to unlock £10 billion of new finance and bring greater choice. We want to expand that, and include mentoring.
Costings/Savings
The Start Up Allowance will cost £36m in 2018-19. In total, it would cost £146m by 2021-22.
Implementation
We aim to expand the British Business Bank in the next Budget, and introduce the Start Up Allowance by 2018.
Application
This will apply UK-wide.