The government has announced plans which will help small and medium sized businesses flourish and encourage entrepreneurs.
The measures cover issues such as improving access to finance, supporting those starting up new businesses and opening up government procurement to smaller businesses.
The Prime Minister has also appointed Lord Young as an Enterprise Adviser to write a “brutally honest” report on what more that Government can do to help smaller enterprises and start-ups to prosper.
The PM said:
I feel very strongly about the need to do everything we can to help and promote small and medium-sized businesses. They provide nearly 60 per cent of our jobs and half of our GDP.
This government has already taken action to back small businesses. But there is so much more that we need to do to back up our commitment to make this country one of the best in the world to start, run and grow a small business.
I am seeking nothing less than a wholesale change in attitude from my government and I need help to get there. So I am delighted that Lord Young has agreed to be my Enterprise Adviser; he’ll be working to identify what we need to do to help small businesses grow. He brings his own passion for business and a wealth of experience to the role.
Other measures include targeted help for businesses with high-growth potential, such as those in the energy, digital and sustainability sectors. A network of ‘growth hubs’ will be established to provide these businesses with specialist support to help them grow.
More than £200 million will also be invested in a network of elite Technology and Innovation Centres to drive innovation and the commercialisation of new technology and ideas.
Some of the measures will apply to England only but the government will look to work closely with the devolved administrations to ensure that SMEs are supported across the UK.