The UK government has recently unveiled a revamped Board of Trade aimed at bolstering the export capabilities and growth of small and medium-sized enterprises (SMEs). This initiative is part of the broader ‘Plan for Change’ strategy, which seeks to empower the nation’s 5.5 million SMEs to expand their reach in global markets.
Composition and Objectives of the New Board
The restructured Board comprises a diverse group of CEOs and business leaders, each selected for their expertise in various sectors. Notable members include:
- Mike Soutar: Entrepreneur and former star of ‘The Apprentice’.
- Allison Kirkby: Chief Executive of BT Group.
- Michelle Ovens CBE: Founder of Small Business Britain.
These advisors will function as ambassadors for their respective sectors, providing guidance and support to businesses, particularly SMEs, to enhance their trading activities and foster growth.
Government’s Commitment to SMEs
Business and Trade Secretary Jonathan Reynolds emphasized the pivotal role of small businesses in the UK’s economy, both locally and nationally. He stated that the government is committed to equipping all SMEs with the necessary tools to thrive. The Board of Trade is envisioned as a proactive entity focused on increasing the number of SMEs engaging in international trade, leveraging the UK’s free trade agreements (FTAs). The underlying belief is that a higher number of exporting small firms will lead to job creation, increased wages, and overall economic growth.
SME Summit and Call for Evidence
In conjunction with the Board’s launch, a three-day summit at Wilton Park has been organized, bringing together government officials, trade bodies, small business representatives, and experts. The summit aims to address common challenges faced by SMEs and to contribute to the development of the forthcoming Small Business Strategy. Key discussion topics include:
- Encouraging entrepreneurship and the adoption of digital technologies among SMEs.
- Enhancing access to finance.
- Increasing the number of SMEs exporting overseas.
A significant aspect of this initiative is the ‘Call for Evidence’ focusing on SME access to finance. This effort seeks to gather insights into current financial demands, identify measures to boost funding, and understand barriers faced by underrepresented groups, including those with disabilities and ethnic minorities.
Additional Government Support
The government has also announced plans to tackle late payments, protect small firms from National Insurance increases, extend business rates relief, and introduce a new Business Growth Service. These measures aim to simplify and expedite access to government advice and support for businesses.
In summary, the establishment of the new Board of Trade and the associated initiatives underscore the government’s dedication to supporting SMEs. By providing expert guidance, addressing financial challenges, and fostering an environment conducive to growth, these efforts aim to enhance the global competitiveness of UK small businesses.