Richard Branson hits out at Government - Business News - News ...

TYCOON Richard Branson, whose Virgin Money now owns Northern Rock, has criticised the Government for failing to promote economic growth.

The Virgin founder, who backed the Tories in the run-up to the 2010 General Election, said the Coalition needed a plan to stimulate the economy.

Sir Richard said the Government needed to provide action to back the rhetoric, boosting support for small and medium-sized businesses and promoting entrepreneurialism to reduce unemployment and encourage growth.

?To get that growth, we need to get behind the small and medium-sized businesses that are the engines of any healthy economy,? he said.

?They need investment and they need finance, and that comes from the big banks.

?The politicians talk of encouraging lending; we need action to match that rhetoric.?

In February 2010 Sir Richard boosted the Tories by calling for public spending cuts to start that year.

The high-profile entrepreneur said the UK?s huge borrowing was a serious risk to the UK economy and action could not be put off.

George Osborne, then shadow chancellor, said at the time that Sir Richard?s support was hugely welcome. ?As Britain?s best-known entrepreneur, he knows more about creating jobs and building an economic recovery than the entire Labour Cabinet put together,? he added.

But Sir Richard now wants the Government to focus on making it easier to set up a business in the UK by reducing business rates and regulation on small and start-up companies.

He suggested politicians look at policies including a national insurance holiday on hiring people for the first two years.

And he wants to introduce school lessons on basic business and money-management skills to create a new generation of business owners.

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