Small Business Britain Reaction to the Growth Statement

Michelle Ovens CBE, founder of Small Business Britain

“The focus on entrepreneurship in today’s Growth Plan statement is good news for small businesses, and a hugely encouraging step towards supporting this key part of the economy in a tough financial climate.

The energy plan already announced, cutting prices for small businesses and addressing some of the astronomical rises we have seen this summer, will give businesses some reassurance over the winter months, even if there are still questions over the long term plans.

There is no doubt that rolling back national insurance rises, IR35 regulations and the planned corporation tax rise next year will be welcomed by small businesses and the business community more widely. In the medium to long term, this will support and encourage entrepreneurial growth, which is very welcome.

However there remain serious challenges in the short term as entrepreneurs battle with rising costs across all areas of the business, not just in energy and tax. Finance, input prices, export and staffing all remain challenging and we continue to see businesses failing at a high rate with little to fall back on after a very difficult few years. More will need to be done at all levels of society and government to ensure the 5.6 million small businesses in the UK can weather this winter and make the most of the supportive policies announced today.

The direction of travel is absolutely right for small businesses. This now needs to be delivered by us all.”

About Small Business Britain

Small Business Britain is the UK’s leading champion of small businesses, supporting the UK’s 5.6 million small businesses, no matter their location, their sector, or their ambition level.

Through a series of campaigns, networks, training and reports, Small Business Britain champions and informs small businesses in the UK. Committed to making entrepreneurship as inclusive as possible, it brings small business owners together to foster growth and increased confidence.