§ Siobhain McDonaghTo ask Mr Chancellor of the Exchequer what incentives he is introducing to encourage young people in deprived areas to start businesses. [85185]
§ John HealeyWe have allocated 60million by 2005–06 to ensure that all pupils in England have five days of enterprise experience before they leave school. This gives effect to the recommendations of the Davies Review of Enterprise and the Economy in Education.
The Department for Education and Skills will be running pilots to test possible approaches in 2003–04 and 2004–05 at a cost of 5 million and £ 10 million respectively. This initiative will provide young people in all areas of England, including deprived areas, with experience of enterprise, and encourage them to consider starting their own businesses in the future. Young people wishing to start their own businesses in deprived areas will also benefit from our measures to support enterprise and tackle market failures in these areas more generally. These measures include designating 2,000 Enterprise Areas in the most deprived areas in the UK, where policies to support businesses are now being concentrated. Businesses in these areas already benefit from an exemption from stamp duty on property transfers between 60,000 and 150,000. We have announced that we will remove stamp duty on all commercial transactions in those areas, introduce a more flexible planning regime and a tax credit to encourage community investment, and offer greater support from the Small Business Service and the Inland Revenue.