However, Motivcom divisional managing director Nigel Cooper said that Lord Young’s focus should be on cutting the negative economic rhetoric.
"Government interference in business has little impact. It’s crucially important that Government and media promote positive plans for growth. The doom mongering rhetoric is a partly a PR stunt to lower people’s expectations, but it stops companies spending.
"Lord Young’s plans to improve access to finance are welcome as the economy is primarily service driven and relies on borrowing and spending. If money starts flowing again, then conferences and events will benefit from the renewed optimism."
Concept Conferences managing director Susan Cox added that the government action is important to reinvigorate a stagnant market.
"I support the Government’s sentiments about the importance of SMEs, which are the drivers of the economy. I’d like to see companies given more financial leeway in these tough times," she commented.
The Department for Business Innovations and Skills this morning (1 November) published a report outlining its plans, which include:
• Minimising bureaucratic burdens
• Improving financial access
• Encouraging people to start businesses rather than seek to become employees
• Improved mechanisms for listening to SMEs' needs
David Cameron said small and medium-sized businesses provided 60% of the UK's jobs, accounting for half the country's economic output.