Young Brits blaze a trail

NATIONAL Enterprise Week might look like one of those cynical ideas thought up by smart public relations people to mask the damage that red tape, regulation and overtaxation has wrought on new businesses.

But as one of the judges in the Enterprising Young Brits contest, supported by the Mail, I can testify that this could not be more wrong.

A morning spent with young entrepreneurs was genuinely inspiring. Britain seems to be tapping into a wellspring of creativity, which augurs well for the country's future.

Many of the young people at the forefront of this revolution would not normally be considered likely stars. A number of the enterprising Brits we interviewed for the prizes were dyslexic and unlikely to make it to the top academically. But they were articulate and design-savvy people with real commercial instincts.

It was inspiring to see self-reliant disabled people using their skills to start businesses to support other people in similar circumstances.

As I have long suspected, Britain has a depth of young talent in creative industries. Our winner in the business area was Annika Bosanquet, aged 30, who heads Wrapology. Her company, an innovative wrapping and packaging business, is growing in leaps and bounds.

But there was also a inventor in the shape of Matt Aitkenhead, 25, founder of Sticmatz, a stick-on car dashboard device which will be on sale in Tesco.

Even better, the groundbreaking polymer material has been developed at labs and factories in Britain and is being made in South Wales.

What is inspiring is how hard some of these young entrepreneurs have worked to earn the cash. They took jobs in the City and at Butlins, among other places, to scrape together start-up funds.

Many, in the first instance, found they did not need to go to banks for cash - which is handy since the High Street operators do not like opening accounts for teenage-run businesses.

So when Gordon Brown next talks enterprise I will no longer yawn and trot out the red-tape mantra. Young entrepreneurs would do better if regulation and taxation were not so onerous. But with so many willing to take the risks of capitalism the business climate cannot all be bad.

Surely, among the winners in Enterprising Young Brits there will be the next Charles Dunstone, founder of Carphone Warehouse, the next Oscar-winning animation studio or the next domestic design leader like James Dyson.

Conrad's battle

CONRAD Black is unfortunate that the parent companies for the Telegraph and other media enterprises were based in North America-not Britain. Had jurisdiction been in the UK, he and his lawyers would have spent many happy years seeking to clear their names with impunity.

Britain does not do summary financial justice well.

Unfortunately, the mogul and his colleague David Radler now have the Securities Exchange Commission on their backs. At the moment the SEC is seeking civil penalties against Black and Radler for failing to disclose transactions from 1999-2003.

The SEC wants disgorgement of the gains made in what it describes as a 'fraudulent and deceptive scheme', and will be seeking to ban them as directors of public companies.

The inclination of the US authorities is always to settle rather than fight such cases because that is faster and less messy.

But one should never discount the combativeness of the fallen newspaper proprietor. He may well have to battle it out given the strains on his finances and his need to come up with millions of dollars.

Yet if Black becomes too difficult with the SEC, it still has its ultimate weapon. It could pass its papers to the US Justice Department and step up the pressure with criminal charges.

Black could be playing with fire.

Euro dilemma

THE soaring euro, at just a shade below $1.30, is certain to be the main topic at the two-day session of European finance ministers which began last night.

The combination of the firm currency and high oil prices is seriously damaging euroland growth, which slipped to just 0.1% in France and Germany in the third quarter.

At the very least a statement pointing to excessive movements in exchange rates is likely.

But if jaw-jaw does not work finance ministers may need to consider a fighting fund to stem the rise. A cut in interest rates by the European Central Bank is another possible option.

But it is not one ever likely to appeal to the former Bundesbank hardliners who dominate the ECB.