Jonathan Reynolds has been appointed as the UK’s new Business Secretary following Labour’s general election victory. With Labour making ambitious pre-election promises to support small businesses, all eyes are now on Reynolds to deliver on those commitments and drive economic growth.
This appointment comes amid growing expectations and aspirations from various business groups, especially the National Enterprise Network (NEN), which represents small and micro enterprises across the country.
Before the election, Labour set out an ambitious plan to support small businesses, recognising them as “not just the lifeblood of our communities but essential to our economic success”. Now, as Keir Starmer unveils his new government, NEN is urging Reynolds to accelerate this small business agenda to spur national growth.
The National Education Network recently published its policy report, Harnessing the economic potential of our small and micro enterprises, which sets out key steps for the new government. These focus on finance, education, social value and levelling the playing field for marginalised communities. The report’s recommendations include making the UK a better place to start and grow a business by improving access to finance, boosting small business exports through a comprehensive trade strategy, tackling late payment issues, opening up public contracts to small businesses and creating Skills England to address skills shortages.
Alex Till, Chair of the National Small Business Network, emphasised the crucial role small businesses play in the UK economy: “It is clear that over the past decade, entrepreneurs, start-ups and very small businesses have been largely ignored without a direct strategy from government. SMEs in the UK account for 50% of the country’s GDP, 50% of its growth, 75% of its innovation and a third of its jobs.”
Thiel stressed the need for the new government to harness the potential of the SME economy not only for national growth but also to regenerate the local community, providing the skills, jobs, investment and social cohesion needed.
The National Education Network’s policy report, based on research from its network of enterprise support organizations, provides a roadmap for addressing skills gaps and the needs of startups and established businesses through training, learning opportunities, individual advice, and mentoring.
As Jonathan Reynolds takes office, the business community will be watching closely to see how he addresses these pressing issues and delivers on the promises his party has made.
