The Institute of Fiscal Studies is dubious, saying that many of the measures aimed at small businesses had either been announced before, would have little impact on the economy or were without "any rationale".Stephen Bond, an IFS analyst, said: "It is very unclear that the plethora of measures targeted at small firms will have any significant impact on the aggregate investment and productivity gaps that the Government has highlighted."There is also scepticism among the entrepreneurs the Government is seeking to help. Much of the criticism has been directed at the capital Gains Tax reforms, designed to encourage long-term investment in small companies. The problem is that the new lower tax rates will be only for investors who own 25 per cent of a business or employees who own a minimum of 5 per cent.Ian Sutherland, finance director of The Technology Partnership, an R&D outsourcing company employing 400 people on the outskirts of Cambridge, says: "The CGT changes will have no impact at all on us because we do not have any investors or employees in that category."ProShare, the lobby group dedicated to promoting share-based investments, suspects the same will apply to many smaller high-tech companies and is urging the Government to allow all investors to take advantage of the new tax breaks.Another initiative being treated with caution is the new employee share scheme, under which employers can grant staff up to pounds 7,500 worth of shares a year tax free.Existing Inland Revenue approved share schemes, run under the Save as You Earn system, allow employees to take cash plus interest instead of shares if the shares have underperformed. The bigger question is whether the initiatives will have any impact. I happen to think that is the best way of doing it," he said.The DTI estimates, for instance, that the new regional venture capital funds will bring in pounds 250m from the private sector alongside pounds 50m of government money. "What we are trying to do is make up for the failures in the market.

Mr Byers sought to deflect these criticisms yesterday by arguing that the DTI was trying to target areas where it could make an impact, using government funds to leverage much bigger sums in from the private sector. But the vast bulk of that will be in the form of tax foregone. Although Mr Byers puts the cost of the DTI initiatives at pounds 245m, most of this is funding already announced. The only new money on the table is the pounds 30m being put into the Phoenix Fund. Many of the initiatives, such as corporate venturing which allows big companies to offset investment in start-up businesses against tax and capital gains tax breaks for investors, have proved successful in the US.But here the plethora of new schemes has provoked criticisms that business will become confused about what is on offer while the tax system will become ever more complicated and arcane. On top of that, there are plans for a system of enterprise grants worth up to pounds 75,000 for businesses employing up to 250 people.These DTI initiatives will supplement a range of announcements by Gordon Brown in his pre-Budget report, ranging from a new tax-free employee share scheme to tax credits for research and development and a scheme to reward executives who join high-risk companies with lowly-taxed share options.In total, the Treasury and DTI schemes could cost up to pounds 1bn.

It also warns that there would be "significant economic implications" if policy makers restricted growth.Mr Mullin said that while the Government wanted the aviation industry to thrive, it had also to be an example of "sustainable development", taking into account the environment, use of natural resources and social inclusion.. IF THE sheer volume of enterprise initiatives spewing out of Whitehall were an accurate barometer of how entrepreneurial Britain has become, then the economy would indeed be fizzing along. The Secretary of State for Trade and Industry, Stephen Byers, yesterday followed up the Chancellor's announcement on Tuesday of tax breaks to promote enterprise and share ownership by unveiling no fewer than five new schemes aimed at growing, high-tech businesses. They range from a "Phoenix" fund to promote entrepreneurship in disadvantaged areas and a network of regional venture capital funds to a new UK high- technology fund and proposals for Britain's first "knowledge bank". The industry already employs 550,000 directly and indirectly and contributes pounds 10.2bn to national output.The report says that a world-class aviation industry is vital if the UK economy is to take advantage of the growth in world trade.

But while demand for runway slots at Heathrow significantly exceeded supply, most regional airports were not operating anywhere near full capacity."We want to improve the quality of air services available at regional airports, to relieve the pressure on the South-east, maximise the benefits to regional and local economies and reduce the need for people from other parts of the UK to make long surface journeys, particularly by road, within the UK," he said.Virgin Atlantic, which is largely based at Heathrow, is, for instance, offering its Upper Class passengers a limousine service to the airport from up to 150 miles away.Mr Mullin stressed, however, that the new aviation policy would also take into account the environmental impact of regional airport expansion, such as air pollution, noise disturbance and land take.An independent report produced for the conference by Oxford Economic Forecasting shows that aviation is expected to grow at twice the rate of the economy over the next 15 years. A MAJOR expansion of Britain's regional airports to take the pressure off the South-east's heavily congested gateways was signalled yesterday by the Government. Chris Mullin, the Aviation minister, said that a new air transport White Paper was being prepared, setting aviation policy for the next 30 years. A key element of the White Paper, which will be preceded next year by a wide-ranging consultation paper, will be an increased role for Britain's regional airports, such as Glasgow, Manchester, Leeds and East Midlands.Addressing a London conference, Mr Mullin said that the three London airports - Heathrow, Gatwick and Stansted - accounted for 64 per cent of UK passenger traffic. Mr White was known for his forthright style of corporate management.A&L shares ended 13.5p lower yesterday at 896.5p.. It is understood that Mr White had made an approach to Lloyds TSB about a possible merger independent of the board, while John Windeler, the A&L chairman, had been approached by Woolwich for talks over a merger.Mr Windeler, temporary chief executive, said the company needed a "new, more consensual style of leadership". Friends of Mr White are said to have singled out Mr Pym as a prime mover behind his sacking. A&L said yesterday that the company was continuing its search for a chief executive, and that Mr Pym "has said he does not want to considered". No reason was given.A&L is drawing up its response to a letter from Mr White claiming his dismissal was unfair.

Talks are under way between Simmons & Simmons, Mr White's lawyers, and A&L's legal representatives.Detailed claims about the case have surfaced in press reports, including a suggestion that Mr White was offered a pay-off and a job as a consultant the week before he was ousted.At the time A&L said Mr White's dismissal followed "a divergence of views within the board over the management of the group". Tradepoint, which lost pounds 7.2m last year, handles about 0.5 per cent of the equities traded in Britain.. RICHARD PYM, group finance director at Alliance & Leicester, has counted himself out of consideration for the post of A&L chief executive, up for grabs following Peter White's acrimonious dismissal late last month. Mr White is threatening to sue the former building society unless it concedes that the manner of his departure, after eight years in the top job, was wrong. "This investment is part of Deutsche Bank's strategy to sustain its leadership in electronic business."The consortium refinanced Tradepoint earlier this year to aid its challenge to the London Stock Exchange and develop its pan-European system. Deutsche will take a 9.74 per cent stake in a consortium controlling 54 per cent of the company, which says it is on track to introduce a European stock-trading service in mid-2000. Financial details were not disclosed, but Tradepoint has a market value of about pounds 209m, valuing Deutsche's at pounds 11m."We believe that the Tradepoint exchange model represents one of the key components of the future electronic world," said Michael Philipp, Deutsche Bank's head of global equities. The deal boosts Tradepoint's line-up of heavyweight backers, joined in September by Credit Suisse First Boston, Dresdner Kleinwort Benson and Merrill Lynch.