Labour seeks to create 'entrepreneurial state'

Labour wants to create an "entrepreneurial state" involving an extra 20,000 new business chiefs each year, the shadow chancellor has said.

John McDonnell is to unveil how the Opposition wants to support budding entrepreneurs, with proposals including more spaces which firms can share in an attempt to reduce costs, plus making it easier to spread ideas and advice.

Mr McDonnell is to suggest the so-called "strategic entrepreneurial hubs" would help back more than 20,000 extra entrepreneurs at a cost of £25 million a year.

A consultation on the idea is due to take place while Mr McDonnell is also expected to say existing successful schemes for entrepreneurs will continue to be supported by a Labour government.

Ahead of a north London visit on Friday, Mr McDonnell said: "Our future success as a nation depends on growing in a more strategic way and Labour wants to see an entrepreneurial state at a local and national level to help make this happen."

He added: "We don't want money to be the barrier to someone with talent, skill or a good idea and who wants to control their own destiny being prevented from starting up a small business of their own, staying the course and delivering growth.

"Labour has always been the party of makers and doers, we have a rich history of supporting those people who want to be designers, makers and innovators.

"And it's by helping to create the next generation of entrepreneurs that we will build the economy of the future."