UK's hi-tech industry 'vital' for enterprising economy

Hi-tech, science-driven products and services are key for the future wealth of Britain, Chancellor Gordon Brown has told an international enterprise conference today.

Announcing a raft of enterprise initiatives, Mr Brown told delegates that Britain's "inventiveness and creativity", together with a stable economy, were "vital" for success in a more "harshly" competitive global economy.

Mr Brown announced plans for a national Enterprise Week to be held in November 2004 with the aim of inspiring young entrepreneurs. The Royal Family will also have an enhanced role in recognising and rewarding outstanding individual contributions to enterprise.

He also proposed a competition for a European City of Enterprise and a joint US-UK Forum on Enterprise to be held this summer.

The Chancellor said: "Our proposals on enterprise for this year each add up to something bigger than their individual parts - initiatives that taken together can make a difference, and contribute to a change in culture and attitudes by valuing and celebrating the spirit of enterprise throughout Britain."

He added that the British, French and German governments were setting out proposals that would ensure that enterprise takes "centre stage" in the drive for economic reform in Europe.

Mr Brown also announced moves to cut European red tape, with British, Irish, Dutch and Luxembourg finance ministers today setting out plans to reduce regulation on the European economy.

He told the conference: "I believe that if this country is to achieve its full potential, government and business must work constructively and creatively together.

"Through this exchange of ideas - with often different points of view - and through seeking the broadest harmony, our aim is to forge a shared and long term national economic purpose for Britain."

(gmcg)