THE COALITION Government’s plans for business finance and tax simplification have got support from York business leaders.

Jeremy Oliver, corporate finance director for York accountancy firm Garbutt & Elliott, said the Government’s planned Green Paper on access to finance for businesses could be “very significant indeed” after Business and Enterprise Minister Mark Prisk pledged to develop long-term support measures for small businesses.

Mr Prisk, said the Government was working proactively with the banks. “There's a new bank code of practice. We are going to monitor this on a regular basis and make sure they deliver it. We have also expanded the Enterprise Finance Guarantee (EFG) scheme, another £200 million this year, that will help another 2,000 businesses.”

The Green Paper on access to finance will include both debt and equity and to try and simplify little pots of money into a less complex package, he said.

Mr Oliver said: “If this Green Paper delivers on its promise to improve access to finance for Yorkshire businesses and simplifies the whole support system, then it should be of huge benefit to our region.”

Ian Williams, director of policy at Leeds, York and North Yorkshire Chamber of Commerce, said the chamber welcomed the establishment of the Office of Tax Simplification, which will review reliefs and small business tax over the coming year.

“The UK’s complicated tax system is a burden on business, particularly small and medium-sized businesses, and a simplified tax regime, coupled with the recent reduction in some tax rates, should help stimulate business growth and economic recovery.

“This is a step in the right direction and the Government needs to continue in creating a business environment that encourages enterprise, entrepreneurship and innovation,” he said.