Iain Duncan Smith announces 'enterprise allowance'

The Work and Pensions secretary, Iain Duncan Smith has announced the creation of an enterprise allowance to help those starting new businesses at a speech at the Conservative Party conference.

He said anyone unemployed for six months who wanted to start their own company would be offered mentoring and a financial package worth up to £2,000 to get a new venture up and running.

With the help of the allowance, Mr Duncan Smith said he wanted to see 10,000 new small businesses created by next year.