Speaking at the institute conference ‘Creating the Entrepreneurial Economy’, Timms, said: ‘Our objectives are two-fold – to build an enterprise economy and a fair society. The two go together. An enterprise economy is the route to jobs and prosperity. And a fair society where there are opportunities for all will have an economy which is more competitive and more productive.’
To do this, Timms detailed three fundamental areas of reform: firstly by creating a competitive environment; secondly by tackling cultural barriers; and lastly through transforming the relationship between government, business and the public.
The conference, run jointly by the English ICA and the Bank of England, focused on the need for co-operation and a greater flow of information between finance providers and business owners.
Hightlighting the key role accountants play in strengthening an entrepreneurial society, David Clementi, deputy governor of the Bank of England, said the bank’s three main purposes were to promote monetary stability, ensure a stable financial system and make sure the financial system works efficiently to meet the needs of the wider economy.
The upbeat speeches, are in contrast to increasing attacks on the government for swamping small businesses with red tape.
Timms reiterated prime minister Tony Blair’s pledge to offer all governmental services online by 2005.