Cobra chief urges government to help SMEs
The Indian entrepreneur criticised the Government for providing inadequate funding for struggling businesses
The founder of Cobra beer has said the Government is not doing enough to help
small firms survive the financial crisis.
Lord Karan Bilimoria made the comments at a reception for Asian business held
by London Mayor Boris Johnson, the Daily Telegraph reported.
Bilimoria said the Government should provide immediate help for entrepreneurs
and that tax incentives were needed for small firms. Current funding was
inadequate, he said.
‘The EIB has promised £4bn over four years,’ he said. ‘In the first six
months of this year, the net borrowing by SMEs was £5.7bn. So £1bn a year is not
He added: ‘We all know the Government wants to help. Now is the time it can.
We’re lucky because we’re not in the eurozone so we can act independently, as we
did with the interest rate decision last week. I hope this is a case of better
late than never and not too late.’