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Labour government policies have largely failed to encourage UK enterprise, new research suggests.
The study, by the Management School at the University of Sheffield, found that UK business start-up rates have fallen since 1997.
It suggests that moves such as the disbanding of the Training and Enterprise Council (TEC) have discouraged potential enterprise initiatives.
As reported by the Guardian, Dr Huggins, author of the report, said: "With increased levels of public sector employment, individuals may be less inclined to take risks.
"However, it is still largely the private sector that creates value and is the engine of growth and economic development.
"If policies were adapted to address these issues, the UK can move towards a truly dynamic, modern and growing knowledge-based economy."
The study does acknowledge that certain important steps have been taken by the present government to encourage company formation.
However, it also highlights a number of changes that need to be made, including greater support for new entrepreneurs and a commitment to lower taxation.
A spokesman for the Department for Business, Enterprise and Regulatory Reform said: "The Sheffield report recognises positive measures have been put in place by the government.
"There is still more to do and the new Department for Business and Enterprise has been established to foster the best conditions for enterprise in the UK."
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