Enterprise on Cameron’s part

It is a political and economic divide that will become even more acute as Labour looks to “people power” to derail the coalition’s spending squeeze – and the swingeing spending cuts required to convince investors that Britain is open for business.

This also explains why 39 leading venture capitalists have written a letter backing the Budget. It neatly coincided with the Prime Minister launching the business-backed StartUp Britain initiative which is intended to provide practical help to new firms.

This is likely to be far more practical than the Labour leader’s opposition to the cuts, and his abiding failure to spell out how he would rebalance the economy while retaining the confidence of City investors and the international money markets.

With tentative signs of a private sector-led recovery, illustrated by the Fastest 50 Awards, which are being run by the Yorkshire Post in conjunction with top 100 law firm Ward Hadaway, Mr Miliband finds himself in danger of talking down the country.

Furthermore, many pro-business business Budget measures – including reductions in corporation tax and extended tax relief for new companies – exceeded the expectations of many Tories.

Yet, while there is no shortage of would-be entrepreneurs with sound ideas, the reality is that their ambitions are tempered by continuing shortages of credit and the cost of setting up their business – costs that will not be sufficiently offset by the £1,500 on offer to prospective firms from StartUp Britain.

This is why Mr Cameron has to redouble his efforts to accelerate the creation of the local enterprise partnerships slowly evolving across Yorkshire, and the proposed enterprise zones.

Nurturing new businesses must be their priority. Gimmickry is not the answer. But time is of the essence if the PM is to avoid the prospect of protests, backed by Mr Miliband, overwhelming Britain and prompting investors to think twice about creating new businesses – and jobs – here.