George Osborne claimed that the new enterprise loans for young people would be the equivalent to student loans for those who wish to set up their own business as opposed to pursuing higher education.
"In time, my right honorable friend the Education Secretary’s school reforms will do more to improve the long-term economic performance of our economy than any budget measure ever will," Osborne said.
"But we’ve got to help the young adults who’ve already been let down by the school system. We’re offering a record number of apprenticeships and our Youth Contract comes into force next month."
He added: "Young people get a loan to go to university or college. We now want to help them get a loan to start their own business."
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