Responding to the launch of
the Government's Small Business Plan, Alex Veitch, Director of
Policy at the BCC, said:
“This is a much-needed step forward in
recognition and support for SMEs, which are the backbone of the
UK economy. Late payments, access to finance and business support
are all issues which have held back many smaller
firms.
“Late payments are a well-established barrier to economic
and business growth, which hit the smallest companies
hardest.
“Our research shows that three
quarters of firms have, at some point, been paid late, with 28%
saying that this had an impact on their
operations.
“But it is important to get the
balance right and we welcome plans for
consultation.
“The online Business Growth Service
will also be a valuable signpost to support and advice for
firms.
“It will make it easier for them to
connect with their local Chambers of Commerce, which play a
crucial role in delivering business support and creating
opportunities across their
communities.
“Recognition around supporting
businesses with technology adoption is also key. The BCC has been
involved in the SME Digital Adoption Taskforce, and we look
forward to taking that work forward to help smaller firms embrace
AI and technology.
“But businesses are still struggling
with a mounting wall of costs and will want to see longer-term
reform of business rates and no further tax increases heaped
upon them.
“For the government to achieve its
Growth Mission, people need to stay in work and firms need to
invest. The various strategies and plans published by the
government over the last few months have set the strategic
direction of travel.
“Now we need to see funding and
real-world support to implement these policies, drive growth and
reduce the cost of doing business.”
