Small businesses across the UK are set to benefit from the most comprehensive support package in a generation, as the government unveils a bold new strategy to equip them with the tools to thrive and fuel economic growth under its plan for change.
The new laws are set to give stronger powers to the Small Business Commissioner to empower them to wield fines, worth potentially millions of pounds, against the biggest firms who persistently choose to pay their suppliers late.
Small and medium-sized enterprises (SMEs) currently employ 60% of the UK workforce and generate £2.8T in turnover.
These changes are also intended to save small businesses valuable time, freeing up hours currently spent chasing overdue invoices so they can focus on growing their business instead. Taken together, this will help ensure businesses are paid on time and end the scourge of late payments which costs the UK economy £11bn per year and closes down 38 UK businesses every day.
To address this, the Government is launching a new £4bn wave of financial support aimed at boosting growth and supporting more small businesses to start up and grow. This includes a £1bn boost for new businesses, with 69,000 Start-Up Loans and mentoring support to inspire the next generation of entrepreneurs and small business owners.
Small Business Minister Gareth Thomas, said: “I hear all too often about businesses who just don’t have the cash needed to start up or grow. We’ve announced measures as part of our Plan for Change to tackle all of those issues and beyond. This is the government listening to businesses, working with them, and delivering real change.”
Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, commented: “Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities.
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