Small businesses across the UK will benefit from the most comprehensive support package in a generation, as the government launches a bold new plan to give small businesses the tools to thrive and drive economic growth as part of its Plan for Change.
Small and medium sized firms employ 60% of the country’s workforce and generate £2.8 trillion in turnover. However, for too long, the odds have been stacked against small businesses.
From tradespeople and shopkeepers to start-up founders and family-run firms, too many work hard but don’t get the backing they deserve – held back by late payments and not getting the financial backing they need within a wider system that hasn’t worked in their favour.
That’s why the Government is taking serious action to back small businesses and give them the tools they need to grow. This builds on the solid foundation of certainty and stability this government has already delivered—through the trade deals we’ve secured, four interest rate cuts, and a long-term industrial and trade strategy that’s helping businesses plan ahead with confidence.
Launching the Small Business Plan Prime Minister Keir Starmer said:
“From builders and electricians to freelance designers and manufacturers—too many hardworking people are being forced to spend precious hours chasing payments instead of doing what they do best – growing their businesses.
“It’s unfair, it’s exhausting, and it’s holding Britain back. So, our message is clear: it’s time to pay up.
“Through our Small Business Plan, we’re not only tackling the scourge of late payments once and for all, but we’re giving small business owners the backing and stability they need for their business to thrive, driving growth across the country through our Plan for Change.”
Responding to the launch of the Government’s Small Business Plan, Paul Britton, Chief Executive at Thames Valley Chamber of Commerce (TVCC), said:
“This is a landmark, much-needed, step forward in recognition and support for SMEs across the Thames Valley and UK. SMEs employ around 60% of the country’s workforce and generate £2.8 trillion in turnover. Around 95% of the Chamber’s membership, and international trade customers, are SMEs”.
“We are pleased to read that the Plan is seeking to address some of the key issues facing SMEs, including late payments, access to finance and business support, holding back their potential to grow and invest. Our research, undertaken as part of the British Chambers of Commerce Quarterly Economic Survey (QES), shows that three quarters of firms have, at some point, been paid late, with 28% saying that this had an impact on their operations”.
“We welcome plans to consult, and through the online Business Growth Service, make it easier for business to connect with our Chamber who are playing a valuable role in delivering business support, international trade services and creating business opportunities across the Thames Valley through our events, sector working groups, Local Skills Improvement Plans and more”.
There is more work to do, following the publication of various strategies and plans published by the government over the last few months which have set the strategic direction of travel. Paul continues, “Thames Valley businesses are still struggling with a mounting wall of costs impacting our firms and will want to see longer-term reform of business rates and no further tax increases heaped upon them. We also now need to see funding and real-world support to implement these policies, drive growth and reduce the cost of doing business.”
Anne White, Head of International Trade and Compliance, TVCC, adds: “We are especially pleased to see the emphasis on exports. As one of the UK’s leading providers of international trade services, we attest that international trade will be a key driver of growth going forward.
However, more will be needed to help SMEs capitalise on the opportunities and we encourage all businesses, across the Thames Valley, interested in trading overseas to contact the Chamber”.
