YORK needs to create its own fund to develop and nurture the city’s knowledge-based economy, according to a leading business adviser.

David Dickson, senior partner with York-based accountants Garbutt & Elliott, was speaking in the wake of a new technology report which highlighted the lack of available finance for innovative small and medium enterprises.

Mr Dickson, who also sits on the board on a number of leading local and national organisations, including Science City York and the CBI, said: “The time is now drawing near when we have to develop our own ‘Road to York’ fund to secure the necessary finance available to support our growing businesses and to increase employment. It is clear that lack of finance is restricting new product development among the small business base, with engineering and technology companies particularly badly affected.”

Mr Dickson said more work was needed, such as deciding who would run the fund, but such a move would be a valuable stimulus to the greater York economy.