NEWS AND OPPORTUNITIES
FSB calls for VAT cut to help small firms
The Chancellor’s package of support for consumers, announced on 26 May, did not contain any support for small businesses. FSB is calling for a VAT cut among other measures, such as help with energy bills, to help tackle the cost of doing business crisis. FSB’s National Chair Martin McTague said: “Support for vulnerable consumers is vital. The absence of protection for vulnerable micro businesses outside the cap is still stark, despite our best efforts.”
FSB seeks late payment action
A profile piece on Martin McTague in the Financial Times sets out FSB’s efforts to bring about change on the issue of late and poor payment practices. He pointed out how late payment cashflow issues lead to lower investment, and called on the Government to include board-level responsibility for payment practices in its audit reforms, and to ensure that its own suppliers practice good payment within their supply chains.
FCA fee rises threaten small firms
The Financial Conduct Authority’s decision to move from a sliding scale to a more regressive flat fee model, increasing fees for regulated firms, has been criticised by FSB. Martin McTague said: “It’s really hard to see any justification at all for the FCA’s fee hikes, especially when the great majority of responses to its consultation disagreed with raising fees.” He warned the increase may prompt small finance companies and brokers to exit the market, reducing competition and choice.
UK production output falls
Recession warning bells are ringing as the S&P Global Composite Purchasing Managers’ Index fell by more than expected in May, indicating that economic output is slowing. This follows a collapse in consumer confidence levels, which in May fell to the lowest level since records began, Reuters reported.
New digital data innovation hub
A new £50 million digital manufacturing centre, the Smart Manufacturing Data Innovation Hub, has opened at Ulster University, and aims to “support small and medium size manufacturers to capture and better utilise their data, helping them increase productivity, growth and sustainability”. Businesses in Northern Ireland will be the first to use the hub, with expansion to the rest of the UK in coming months via 12 delivery partners.
Open University offering technical courses via colleges
The Open University is to offer technical courses via local colleges, with the Government providing £10 million in funding. The scheme’s aim is to expand the choice of training available to people in their hometowns, with courses designed to fit around existing work and life commitments, while growing the skills base of the UK workforce.
Small Business Research Initiative report
Innovate UK has published a report on the Small Business Research Initiative, which has been used by over 100 public sector organisations, and which aims to foster innovation links between the private and public sectors.
Guide to boost stores’ accessibility
The Association of Convenience Stores has put together a guide, Everyone Welcome, setting out how shops can be made more welcoming for disabled people and those with differing accessibility needs.
African exporters encouraged
The Government has produced a series of pieces of guidance for businesses in Africa, to encourage them to start exporting to the UK.
Education export strategy
The Government has set out how it aims to grow exports in education, and “how it will support the UK education sector to access global opportunities”. It aims to increase the annual value of education exports to £35 billion by 2030.
Checking employee pay
The Business, Energy and Industrial Strategy Department is urging employees to check that their pay is in line with national legal standards. The Government has also launched a site to inform the public of types of support they may be entitled to, in light of the cost of living crisis.
Funding opportunities for small businesses
UK Research and Innovation has announced various funding opportunities for small businesses, including: a share of £1 million for projects to tackle issues in the agricultural sector; a share of £1 billion for “capital centric investment projects that help industrialise the electrified automotive supply chain”; a share of £25 million for “innovation in propulsion battery technologies for electric vehicles”; and a share of £40 million to support “new automated transport service projects” via the Centre for Connected and Autonomous Vehicles.
***Programming note: We’re taking a week off for the jubilee, but will be back in your inbox on 10 June. Enjoy the bank holidays!***
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.
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