Hope for SMEs?

I first came across this project when I was reading a recent article in the Financial Times titled: Young in bid to reshape small business rules. Lord Young of Graffham has recently pitched the idea to David Cameron’s Director of Strategy, Steve Hilton, in hopes of taking this proposal forward. The idea is to create what is described as a radical support scheme for small business, which would be funded by the entrepreneurs themselves through offering their time and resources to other start ups. These services would be offered for free by the entrepreneurs and would therefore not require any funding from the Government.

I think that this is very good news for SMEs as they play a vital role in the UK economy. There are approximately 4.8 million SMEs in the UK (up from 800,000 30 years ago), accounting for 99.9% of all UK businesses and creating over half of private sector employment and economic turnover. It is essential that the Government recognise that if SMEs are struggling, so too will the entire UK economy. This is why ‘Start Up Britain’, which is a response from the private sector to the Government’s call for an ‘enterprise-led’ recovery, is such an important project for the Government to really take notice of.

I hope that the Government continues to support and promote this project as this could be the long awaited opportunity that SMEs have been looking for in order to expand and become more competitive in the UK.

For further information, contact:

Michael Snyder,
Senior Partner