New small firms 'need tax break'

Newly established small firms should be given some form of tax exemption for their first year or two of business, a report has concluded.

The suggestion is one of 10 core findings in the study produced by the British Library's Business & IP Centre.

It adds that a fast-track scheme should be created to help firms patent ideas, and that broadband speeds must rise.

The report has been produced to coincide with Global Entrepreneurship Week, which starts on Monday.