UK government announces new small business council to support SMEs

Recognising that small businesses constitute 99.9 per cent of all businesses in the country, supporting 27 million jobs and generating £4.5 trillion in annual turnover, the government has declared 2024 as the year of the SME. This move underscores the critical role small businesses play in the UK economy and the government's focus on supporting their growth and resilience, the UK government said in a press release.

In addition to the council, the government has revitalised the Help to Grow campaign and its website, transforming it into a comprehensive resource for SMEs seeking guidance on growth and scalability. The revamped site offers a one-stop solution for accessing funding information, webinars, and essential tips for starting a business. It features a step-by-step guide offering practical advice for those looking to establish and expand their business ventures in the UK.

The refreshed Help to Grow campaign includes management courses as part of the Autumn Statement, introducing the Help to Grow: Management scheme. This intensive 12-week programme aims to enhance leadership and management skills within SMEs, with a 90 per cent subsidy from the government. Nearly 8,000 businesses have already benefited, with a goal to assist up to 30,000 businesses throughout the program's duration.

“Small businesses are the lifeblood of our local communities and drive the UK’s economy, supporting jobs and wages across the country. This new council will mean SMEs have a clear voice at the table and we can deliver on the key needs for business. We are taking action to ensure that they have the support, tools and guidance they need to thrive—because when small businesses succeed, the UK succeeds,” said business and trade secretary Kemi Badenoch.

“I know firsthand how important small businesses are, but I also understand some of the barriers they face to start up or grow their existing firm. Which is why I’m proud of the work we’re doing as government to really tackle some of the burning issues SMEs face on a daily basis—only then can we help boost jobs and grow the economy,” said small business minister Kevin Hollinrake.

ALCHEMPro News Desk (DP)