With Chancellor Jeremy Hunt soon to announce the 2023 Budget, the National Enterprise Network has been putting the case forward to ensure the right support is available for its members and wider entrepreneurs, micro-businesses and small businesses (EM&S) across the UK.
With Chancellor Jeremy Hunt soon to announce the 2023 Budget, the National Enterprise Network has been putting the case forward to ensure the right support is available for its members and wider entrepreneurs, micro-businesses and small businesses (EM&S) across the UK.
The small business sector comprises six million entrepreneurs, and small businesses accounts for 50% of the country’s GDP, 50% of its growth and 75% of its innovation.
Alex Till, chair of NEN which represents over 92,000 businesses, said: “Research shows that business start-up activity and support provides £6.80 (GVA) for every £1 spent. If this investment generates such a high rate of return, we are looking to the government for a strategy to develop that support in order to take the UK economy forward.”
Meeting UK Business Minister
Last month Alex Till, Chair and Carol Daniels, Operations Director met with Business Minister Kevin Hollinrake MP to discuss the value of the SME economy and provide him with NEN’s latest report.
The ‘Adding Value Across Enterprise’, created in partnership with members and conducted by Shared Intelligence calls on the government to prioritise enterprise support for the country’s millions of small businesses.
Creating reports to demonstrate value of SME economy
The ‘Adding Value Across Enterprise’ report evidences the value of investment in enterprise support in ensuring that EM&S businesses continue to be the backbone of the UK’s local economies, providing local employment, added economic value and new wealth, alongside bringing diversity to local communities, high streets and local economies.
An important issue highlighted was how funding and policy attention has now shifted from LEPs to local government, giving them responsibility for post-EU domestic replacement funds and adding pressure to already stretched economic development teams. This, the report argues, overlooks independent enterprise agencies across the country, working locally to stimulate entrepreneurial growth and employment. A lack of investment threatens to further damage opportunities to level up and grow the economy unless there is an overhaul of the way in which business support is delivered.
Building the collective voice to lobby government
At the recent National Enterprise Network Annual Conference members called on the government to introduce stricter laws around prompt payment for businesses to encourage greater economic growth and prioritise support for the country’s small and micro businesses, entrepreneurs and side hustlers as the UK’s best chance for economic growth.
At a panel debate on putting enterprise at the heart of government and the importance of prompt payment legislation, all participants agreed late payment was one of the most significant barriers to business growth.
Alex Till, chair of NEN, said: “As the economy chills, the first thing big companies do is extend payment terms and this impacts small businesses who are already squeezed and find themselves needing to lay off. This is real and it is happening now.”
To find out more about how to get involved in National Enterprise Network and the work it is doing to support the SME economy please contact carol.daniels@nationalenterprisenetwork.org
