Regional business support should be led by the private sector, according to Secret Millionaire star Paul Ragan, who has sent his proposal for the redeployment of regional development agencies (RDAs) to George Osborne.
Ragan who developed and sold his insurance business Motaquote to become one of Wales’ youngest multi-millionaires, has been critical of the Chancellor’s plan to scrap the RDAs. Instead, he has argued, business mentoring should be delivered by successful business leaders.
He said: “If we ever needed a time for radical change, it’s now. We need political leaders who are courageous and prepared to engage significantly more with private sector business leaders at grass roots - not simply London plc.”
Under George Osborne’s existing proposals, some of the RDA’s functions will be replaced by new agencies to be called Local Enterprise Partnerships (LEPs). LEPs will address issues like planning, housing and supporting enterprise. Other roles currently executed by the RDAs would also be taken back under the umbrella of central government.
Ragan’s plans would involve a creating a ‘Centre for Business’ (C4B) in most UK counties. Each one would be headed by a non-political, private sector Business Champion. Additionally each C4B would provide all the necessary support for business start-ups, international trade, sales & marketing, IT development, business planning and funding.
He said: “We need politicians to recognise that business support must be simplistic and speedy, something public sector lacks the skill sets to deliver.”
Ragan has also accused governments of “wasting public funds” on ineffective business support agencies “The benefit of private sector led C4Bs would bring transparency, enabling easy identification of fast growth companies, where the majority of jobs are created” he said. ”This compared to today where many of our potentially great businesses fall shy of their potential because they simply lack mentoring support or experience.”