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More than half - 65 per cent - of small businesses aim to expand over the coming years, according to a new report.

The government's Annual Small Business Survey 2006/07 shows that the percentage of businesses looking to grow has increased by nine per cent in the past year.

Nearly half of the 9,905 small businesses questioned were innovating, with 16 per cent producing or working on new products and services.

Business minister Shriti Vadera says a 'healthy enterprise environment' is important for the British economy.

However, the report indicates that women remained under-represented in business. Only 14 per cent of small businesses were led by women or run by a predominantly female management team.

'We would have 700,000 more businesses if proportionally as many British women as American women started businesses,' comments Vadera.

A white paper which will be released next month will look at how to 'unlock the talents of more people' and 'make growing a business easier,' she adds.

She also promises a reduction in the regulation restricting small business growth.

Elsewhere, seven out of ten small to medium-sized enterprises (SMESs) are concerned about the implications of the budget, which will come into force on 6 April. Research by Alliance and Leicester shows 89 per cent of SMEs do not understand how the new regulations will affect them.

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