The Queen’s speech could have delivered more for enterprise, according to business commentators.

The Queen’s speech could have delivered more for enterprise, according to business commentators.

Edward Winterton, executive director of Bibby Financial Services, says that the Speech was not used by the Coalition to plan economic growth, particularly given the support for small businesses George Osborne hinted at in the Budget.

He adds, ‘The review of how firms can access funding suggested there may be more support available for companies on the horizon. The Queen’s Speech did reveal a new Banking Reform Bill, to be published in June, which will see a loosening of red tape for customers, but what about the businesses that simply need access to funds essential for survival and growth?’

John Cridland, director general of the Confederation of British Industry says that the test for the Queen’s Speech is whether it will help businesses to grow.

‘Two bills stand out for me: energy and regulatory reform. The first should help, but the jury’s out on the second,’ he says.

Cridland adds that business investment in low-carbon will only happen when a ‘detailed market framework’ is in place, with the announcements in the Speech an ‘important stepping stone’.

He adds, ‘It is employment regulation where the shoe pinches for growing firms. We await the government’s bold reforms in this area.'

Chris Parkhouse, chairman of the Institute of Directors in the East of England says the parental leave measures, which will afford parents more flexible leave, is a sensible proposal. ‘It makes sense as an arrangement to give families more flexibility in how they use their allowance. However, the government should be careful not to use this as an opportunity to increase levels of leave. Sharing the allowance is fine, but putting heavier burdens on business in these tough times would not be a sensible move.’

Overall, Parkhouse says that the government is right to place deficit reduction and economic stability at the forefront of their programme, but he adds, ‘We need to see these measures pursued enthusiastically in practice, not just in principle. To restore business confidence, which is the real key to growth, there must be drastic measures to cut costly regulation and continue to tackle the deficit.

‘Tweaking the edges of the system will not be enough – it’s not the number of bills that matters, it’s what is in them that really counts.’

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