- Launch of updated Help to Grow campaign to provide small businesses with a 'one-stop shop' of support and advice
- New Small Business Council set up to support small businesses across the UK
- This package reaffirms the Government's commitment to making the UK the best place in the world to start and grow a business.
The Government is today reaffirming its commitment to all 5.5 million small businesses in the UK as it plans to launch next month the creation of a new Small Business Council bringing together small business leaders from across the UK.
The council will build on the Department's existing support for small businesses and provide a bespoke forum to represent the voice of small businesses within government.
Nearly all businesses in the country (99.9%) are small and medium-sized businesses, supporting 27 million jobs across the UK and accounting for £4.5 trillion of annual turnover. That is why the government has designated his 2024 as the Year of Small and Medium Enterprises.
In addition to establishing the council, the Help to Grow campaign and website have also been revamped to create a one-stop shop for small businesses to find the information they need to grow and scale. This includes helping small businesses clearly identify the funding they can access, webinars, and the basics of starting a business for the first time.
We know that for many people, starting a new business for the first time can be a daunting process. That's why the government's revamped website features a step-by-step guide with practical advice for people wanting to start and grow a business. England.
The new site brings together government-provided assistance in one place, making it faster and more convenient for business leaders and budding entrepreneurs to find the resources they need to succeed.
This support includes the new Help to Grow management course announced in the Fall Statement. Live starts today. The Help to Grow: Management scheme is an intensive 12-week program to improve leadership and management skills in small and medium-sized businesses. Small businesses in all sectors can take advantage of the 90% government subsidy program. It has already supported nearly 8,000 companies and the goal is to support up to 30,000 companies over the life of the program.
To mark the revamped campaign, the Prime Minister will appear on a panel in Downing Street with small business leaders including Kasstore's Tom Behon, Olio's Tessa Clarke and Arcade Media's Jordan Schwartzenberger. We will be hosting an event to discuss how to succeed and scale your business around the world. In the UK, we are leveraging the talent, technology and support we already have.
Minister for Business and Trade Kemi Badenoch said:
“Small businesses are the lifeblood of local communities, driving the UK economy and supporting jobs and wages across the country.
“This new council means small businesses will have a clear voice at the table and can respond to the key needs of their businesses.
“We are taking action to ensure they have the support, tools and guidance they need to thrive, because when small businesses succeed, Britain succeeds.”
Minister for Small Business Kevin Hollinrake said:
“I know first-hand how important small businesses are, but I also understand some of the barriers they face when starting or growing an existing company.
“That is why I am proud that we are working as a government to truly tackle some of the serious issues that small businesses face on a daily basis. Only then can we create more jobs and grow the economy.” You can do it.”
Julien Ponnan MBE, Owner and CEO of Creative Nature:
“The Ministry of Commerce and Trade has played a vital role in enabling our expansion into international markets. Today, our products are exported to more than 18 countries around the world. With their support, Our company has successfully created great business opportunities by participating in trade fairs such as Gulfood, which is held under the Great British Pavilion.
Additionally, access to matching funds has allowed us to venture into new markets, where as a small business and a top 14 allergen-free food brand it would have otherwise been difficult to enter the market. ”
Jake Hsu, co-founder of ShakeUp Cosmetics, said:
“We have received support from DBT at various stages of our business. Even before the launch, DBT has been in contact with representatives from various regions and through these conversations we have gleaned valuable market insights and After that, we received an internationalization grant from DBT for a trip to Asia and were able to secure a sales partner.
Last year, we successfully secured six-figure financing through British Business Bank and DBT to fuel our growth. This is the lifeblood of our business and has provided us with the cash we need to fuel our ambitious plans for the future. ”
Rusina Shah, Founder of Insane Grain
“I am grateful for the support I have received for my business, including the Small Business Grant Fund, which has helped us survive during the coronavirus pandemic, SEIS relief for investors, which has made it easier to raise capital, and R&D tax breaks, which have enabled us to continue to innovate. We have received support from the government and we encourage other small businesses to consider the options available to them.”
The Minister for Small Business is also launching the Lilac Review, a new major independent review aimed at tackling and overcoming the inequalities faced by disabled business owners, in collaboration with Small Business UK.
The Government already has a strong track record of supporting British businesses by cutting taxes, removing barriers to growth, providing new opportunities through important trade deals and improving access to finance. This includes helping more small and medium-sized businesses export around the world for the first time through our export support services and UK Export Finance.
The single biggest way we can help businesses is by creating the economic conditions for them to thrive. That's why the Government has worked hard to achieve its priorities of halving inflation, growing the economy and reducing debt. We have made great progress and it is clear that the economy is turning a corner.
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Inflation fell by more than half, from 11.1% to 4%. Over the past five months, wages have risen faster than inflation. And borrowing costs are starting to fall.
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The economy has fared better than expected, posting the third-highest growth rate in the G7 since 2010, ahead of Italy, France, Japan and Germany. The OECD predicts that next year's inflation rate will be lower than the OECD average, and the IMF predicts that our country will grow faster than Italy or Japan from 2025 to 2028.
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The proportion of debt in the economy is on the decline.
The government is also tackling payment delays, a key issue affecting small and medium-sized enterprises. We are determined to make the UK the best place to do business in the world. That is why Minister Hollinrake has launched an accelerated payments and cash flow review in 2023. Since this report was released, we have been considering how to prosecute large companies that persistently engage in fraudulent practices. Deliberately failing to comply with the Payment Practices Reporting Regulations.
The Government is committed to supporting small and medium-sized businesses across the country, which is why British Business Bank has supported over 90,000 small businesses and issued more than £1 billion of loans under its Start-up Loan Scheme. Our business rates package, worth £4.3 billion over the next five years, will support the high street. We extended the retail, hospitality and leisure relief scheme to her 230,000 businesses and froze the small business multiplier for a further year. This will save the average independent pub over £13,000.
Freezes alcohol tax until August 1, 2024 and introduces a small producer relief scheme that allows small and medium-sized businesses producing alcoholic products with less than 8.5% alcohol content to qualify for alcohol tax relief on eligible products. Did.
We are committed to making the UK the best place to do business. Help to Grow also provides the long-term support that British businesses need to deliver a brighter future for the UK and improve economic security and opportunity for everyone.
