Government Support for SMEs

At the Government’s Business Connect conference earlier this week, the Prime Minister announced a package of reforms to support small businesses, including:

• From 1 April, the Government will fully fund apprenticeships in small businesses by paying the full cost of training for anyone up to the age of 21.
• The amount of Apprenticeship Levy funds that employers can transfer to other businesses will be increased from 25% to 50%.
• The Government will increase the thresholds which determine whether a company qualifies as a small or medium‐sized company by 50% and remove a number of reporting requirements.

In what the Government is calling the ‘year of the SME’, it has also established a new Small Business Council to oversee the following key areas for small businesses: access to finance, skills and support, and removing barriers.

Small Business Minister Kevin Hollinrake said:
"Small firms are at the heart of our communities and the engine of our economy – which is why the work of this council is so important. My own experience of working in a small business has given me crucial insights to the problems that SMEs face on a daily basis, from barriers to growth or access to finance.

We’re giving small firms a big voice, so they can directly air their concerns to government without delay – only when we work together can we tackle some of the burning issues SMEs are facing – only then can we help boost jobs and grow the economy."

Flooring industry representation on the Small Business Council will be via Build UK Chair Julie White.