Small Business Plan/Strategy

Some actions to help tackle the problem of late payments and more assistance to start-ups are among the measures included in the government’s new announcement on supporting small businesses.

In summary these measures fall into five themes:

1. Opening Up Opportunities

Making it easier for businesses to grow and expand into new markets, including by:

• Launching the new Business Growth Service to simplify finding advice and support, including a new streamlined digital offer – business.gov.uk.
• Making SMEs a national priority for public sector and government contracts. 
• Supporting under-represented entrepreneurs, building on the success of initiatives like the Invest in Women Taskforce and Lilac Review.
• Supporting small businesses to trade abroad and expanding UK Export Finance’s capacity by £20bn.

2. Fixing the Fundamentals 

Making it simpler and fairer to run a business, including by:

• Tackling late payments with the most significant legislative reforms in over 25 years, an issue that costs the UK economy £11bn per year.
• Modernising the tax and customs system to make it easier to use and save time.
• Supporting firms to decarbonise, alongside lowering energy costs and increased training for retrofit jobs.
• Reducing regulatory admin costs by 25%, saving businesses time and money.

3. Unlocking Access to Finance

Providing more routes to finance, including through:

• 69,000 Start-Up Loans that come with a business mentor.
• Longer-term commitment to the British Business Bank’s Growth Guarantee Scheme, helping more businesses access the finance they need to grow and invest.
• A £3bn boost to British Business Bank to help lenders offer more small business loans. 
• £340m for regional equity investment, improving access to capital in every part of the country.
• Delivering a lender Code of Conduct on personal guarantees for government-guaranteed loans.

4. Backing the Everyday Economy

Revitalising high streets, through tailored support for local businesses, including:

• Creating a consistent national approach to licensing, making it easier to set up or modify cafes & bars, and establishing hospitality and night-time economy zones to cut red tape, support outdoor dining and late-night venues.
• New High Streets and Growth Incubators to back local businesses.
• Transforming Business Rates, with permanently lower rates for Retail, Hospitality and Leisure properties with rateable values below £500,000 from April 2026.

5. Future-Proofing Business Skills

Help to lead, adapt and grow, including through:

• Launching new Digital Adoption pilots and working in partnership with industry to drive SME tech skills, led by the needs of SMEs. 
• Funding leadership and management training and creating a new Business Mentoring Council. 
• Backing the next generation of young entrepreneurs, including boosting access to enterprise education and launching a new ‘Youth Entrepreneur’ King’s Awards for Enterprise award.
• £1.2bn more a year for skills, ensuring more of the skills needs of SMEs are met

More detail on the strategy can be found here.

Energy: Consumer-Led Flexibility (CLF) Consultation

The Department for Energy Security and Net Zero is carrying out a consultation on engaging consumers on consumer-led flexibility.

This recognises the need for a more flexible electricity system to meet the needs of homes and businesses. Consumer-led flexibility relates to consumers choosing to voluntarily shift their electricity demand to take advantage of low prices when energy is abundant, and avoid the periods when prices are highest. This consultation closes Friday 19 September.

As ever, we are keen to hear how these issues impact our members so please direct any comment, questions or other feedback to Iain McNab, Head of Policy iainmcnab@essexchambers.co.uk.