Virgin boss Sir Richard Branson has urged the government to support new small and medium business start ups to assist economic growth, according to reports.

Reducing business rates and easing regulations such as National Insurance were among key suggestions he made for new business start ups in order to promote economic growth.

Branson told the Observer that to foster growth “we need to get behind the small and medium-sized businesses that are the engines of any healthy economy”. He also highlighted the importance of encouraging entrepreneurship.

Branson, who is estimated to be the fourth richest citizen in the UK, launched his first business venture – ‘Student Magazine’ at the age of 16. On 22 June 1984, Virgin Atlantic operated its inaugural scheduled service between Gatwick and Newark and became profitable within the first 12 months.

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