The UK’s leading representative of micro and small businesses is calling on the new Business Minister Jonathan Reynolds to deliver much-needed growth and jobs by harnessing the economic potential of the country’s most innovative enterprises.
Pre-election, the Labour Party pledged an ambitious plan to support small businesses, describing them as ‘not just the lifeblood of our communities but essential to our economic success’.
And as Keir Starmer announces his new cabinet, the National Enterprise Network (NEN) is calling on the new Business Minister -Jonathan Reynolds – to fast-track its small business agenda to get the country back to growth.
Earlier this year, the National Enterprise Network used its latest research to publish its Policy Report – Harnessing the Economic Potential of Our Small and Micro Businesses – which set out key steps for a new government covering Finance and the Economy, Education and Skills, Improving Social Value and Levelling the Field for minoritised communities.
Many of NEN’s key policy recommendations made it into the business manifestos of several parties pre-election, and now the organisation is looking for the new government to deliver on its commitments. They include:
- Making the UK the best place to start-up and scale-up by unlocking the supply of finance for businesses looking to grow.
- Boosting small business exports by publishing a trade strategy and delivering clear advice to get new businesses exporting
- Stamping out late payment of invoices to small businesses
- Opening up competition to public contracts, giving small businesses the fairer chance they deserve.
- Giving a new direction for skills and addressing skills shortages by creating Skills England and working with local industry
Alex Till, Chair NEN, said: “It is clear that over the last decade, entrepreneurs, start-ups and micro businesses have largely been overlooked with no direct strategy in place from the government.
“The UK’s micro, small and medium-sized enterprises account for 50% of the country’s GDP, 50% of its growth, 75% of its innovation and a third of its jobs.
“The new government needs to harness this potential of this SME economy not just to ensure national growth and prosperity but to regenerate our local communities, delivering the skills, jobs, investment and social cohesion we need.”
NEN’s policy report was based on research from NEN’s network of Enterprise Support Organisations – a unique ecosystem of business support organisations based within their local communities, addressing skills gaps and the needs of new, emerging and existing businesses with training, learning opportunities 1:1 advice and mentoring. More information on the policy report can be found here ( https://nationalenterprisenetwork.org/national-enterprise-network-calls-for-new-government-to-back-countrys-small-businesses/)