NEWS AND OPPORTUNITIES
Inflation hits new heights
Figures from the ONS show that producer input price inflation hit a record-high 18.6%, and the consumer prices index reached 9% in April. Responding to the news, FSB National Chair Martin McTague said: "The gulf between the rate of input and consumer price growth underscores the efforts of businesses to absorb costs rather than pass them on. We hear a lot from politicians about the cost of living crisis, but very little about the cost of doing business crisis which underlies it." FSB is calling for action to tackle late payment, and for priority to be given within Government to advancing the long-promised Enterprise Strategy.
FSB Awards ceremony celebrates UK small businesses
Yesterday (19 May) saw a company in Aberdeenshire that pivoted its seafood supply business during the pandemic to a 'direct to customer door' model named UK Small Business of the Year at the FSB Celebrating Small Business Awards. Amity Fish Company Limited was the overall winner, while the 11 categories celebrated the dedication and resilience of the UK small business community. Martin McTague commented: "It takes grit and talent to thrive in the face of constant challenges but, despite all the headwinds, this is a brilliant example of ingenuity, innovation, creativity - a perfect illustration of how vital small businesses are to the economy and to our communities."
Small business lending approvals at new low
FSB's latest Small Business Index (SBI) report indicates that finance is increasingly hard to come by for small firms, which will further stifle economic growth. Fewer than one in ten (9%) small firms applied for finance in Q1 2022, the lowest proportion since SBI records began. The share that saw applications approved (43%) is also at a record low. Martin McTague warned: "Lenders pulling up the drawbridge for small firms will threaten our already faltering economic recovery."
New resources to support LGBT+ entrepreneurs
FSB has proudly launched a flagship new digital resources hub to support and encourage LGBT+ entrepreneurship, and promote inclusivity in workplaces. The 'Let's Grow Business Together' initiative has been backed by the Equalities Minister, Mike Freer MP, who said: "The 'Let's Grow Business Together' digital hub will bring businesses together to share resources and expertise, celebrate LGBT entrepreneurship, and ensure real positive change for LGBT people in the workplace."
New rules for European van licences
From 21 May, users of vans and other light goods vehicles weighing between 2.5 and 3.5 tonnes and which transport goods for hire or reward from the UK into, or through the EU, Switzerland, Norway, Iceland or Liechtenstein, must carry an International Operators' Licence. If you do not have a licence to enable you to operate in Europe, your business may be disrupted.
Help on public sector procurement and late payment
Suppliers to the public sector who have experienced unfair treatment during a public sector procurement process or who are chasing late payment of a public sector contract can contact the Public Procurement Review Service (PPRS). Since it was created, the PPRS has recovered over £9.4 million in unpaid and undisputed invoices for suppliers working with the public sector.
Small employers survey
HMRC's Small Business Mindsets project is seeking to understand the whole journey of small businesses consisting of 1-49 employees, in order to discover how HMRC's services can be better tailored to their needs. The survey can be found here.
Paper £20 and £50 deadline reminder
The Bank of England is reminding businesses that they should prepare for the imminent withdrawal of paper £20 and £50 notes, by training staff, updating systems, and ensuring any paper notes have been banked by the end of September.
Pandemic business creation research
A working paper by Bank of England staff has looked at the businesses which were created during the pandemic, concluding that "booming firm creation aided the rapid recovery of the UK economy in the short run, but the long-run implications are more uncertain".
Manufacturing sector SME loans
SMEs in England within the manufacturing supply chain, including suppliers and innovators, can apply for loans from £500,000, for capital expenditure, R&D, training, and other project related costs.
Speech highlights importance of green trade
The International Trade Secretary Anne-Marie Trevelyan has given a speech on how "green trade is crucial to growing the UK's economy, achieving net zero and driving our future prosperity", with the green economy forecast to grow by 11% per year until 2030. The Government will hold a new Green Trade and Investment Expo in the North East this autumn.
Mexico trade talks
The Government has opened trade talks with Mexico, and any agreement is likely to include "a dedicated chapter on small and medium-sized enterprises (SMEs) that would knock down sector-specific barriers, cutting costs and paperwork for SMEs looking to export."
Seminar on reducing pollution
The ICC is hosting a webinar on 14 June for businesses interested in addressing pollution associated with manufacturing. Join experts to learn about opportunities to collaborate with the FCDO-supported Sustainable Manufacturing and Environmental Pollution Programme. Register here.
Supporting disabled workers
Acas has updated its advice on supporting disabled people at work.
FSB networking and growth seminar
Next week, FSB is holding a networking event for ethnic minority-led business owners on 26 May, and a webinar on how best to utilise marketing to grow your business on the same day.
FSB SUPPORT AND INFORMATION
- Our Sustainability Hub has everything you need to help you on your journey to net zero.
- If you are a UK business which trades with Europe, keep track of the latest changes and developments via FSB's Transition Hub.
- Our #BusinessWithoutBarriers hub on disability and health conditions has free guidance and resources to help small businesses make their workplaces more inclusive, and to help disabled entrepreneurs identify opportunities and support.
JOIN BIG VOICE AND MAKE YOUR BUSINESS HEARD
Big Voice is FSB's unique online research community for members. By responding to one of our surveys, members give us the evidence we need to engage with politicians around the world on the subjects that matter to you.