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Election winners must help integrate old institutions with startups to see growth

The winner of tomorrow’s General Election  will need to help old institutions, like banks, find a way to work with early-stage companies if UK startups are going to grow, Elizabeth Varley co-founder and CEO of TechHub has claimed.

She said that whilst all the main parties have been keen to support the startup scene through investment politicians need to look at the next steps needed to encourage growth.

“It’s clear that the main parties are keen to get the support of the UK startup community. A majority of the parties have pledged to boost funding for entrepreneurs in some shape or form, whether that’s through private investment or lending schemes.

“To enable these startups to grow, the next government needs to help enable old institutions like banks to work with early-stage companies that are inherently riskier propositions,” she said.

But whilst Varley is keen to see the funding schemes continue she  would also like to see more done to cut red tape.

She said: “I think it’s safe to say that London is already the technology centre of Europe. A booming tech start-up community already exists within the UK and as well as increased funding these startups need further support such as a reduction in regulations and also the necessary advice and support to enable them to grow.”

And Varley believe each of the parties are making decent progress in that area and points to their policies as proof.

“Currently the major parties are proposing new regulations to reduce the burden of red tape on businesses with the Conservatives introducing a ‘one in one out’ rule when it comes to new regulations and Labour proposing the introduction of Small Business Administration (SBA) body to cut unnecessary regulations,” she said.

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