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Economic growth

Government Unveils Plan to Support Small Businesses Amidst 'Toughest Crackdown on Late Payments'

Strategic Insights

— 1 min read

The UK government has announced its Plan for Growth, which includes a new £4bn finance boost to support small business owners and entrepreneurs. As part of this plan, legislative reforms will aim to tackle late payments, and a new Business Growth Service will be launched to provide businesses with access to the support and finance they need to thrive. The plan has been welcomed by business advisors and support specialists, who see it as a positive step towards encouraging growth and job creation.

Key Takeaways:

  • The UK government has unveiled a new £4bn finance boost to support small businesses and entrepreneurs as part of its Plan for Growth.
  • Legislative reforms will aim to tackle late payments, making it easier for small businesses to access the finance they need.
  • A new Business Growth Service will be launched to provide businesses with access to support and finance.
  • The plan has been welcomed by business advisors and support specialists, who see it as a positive step towards encouraging growth and job creation.
  • Since 2007, business advice and funding solutions specialist UMi has supported more than 675,000 businesses across the UK, investing £330m in grants and loans.
  • UMi has unlocked £660m in private investment, created or protected 43,500 jobs, and enabled contract wins worth £200m.

Statistics:

  • £4bn: The new finance boost allocated to support small businesses and entrepreneurs.
  • £1bn: The injection for new start-ups as part of the £4bn finance boost.
  • £330m: The amount invested by UMi in grants and loans since 2007.
  • £660m: The amount of private investment unlocked by UMi since 2007.
  • 675,000: The number of businesses supported by UMi across the UK since 2007.
  • 43,500 jobs: The number of jobs created or protected by UMi since 2007.
  • £200m: The value of contract wins enabled by UMi since 2007.

Sources:

  • "Time to pay up: toughest crackdown on late payments in a generation unveiled in plan to back small businesses" ( https://www.gov.uk/government/news/time-to-pay-up-toughest-crackdown-on-late-payments-in-a-generation-unveiled-in-plan-to-back-small-businesses )
  • Nicki Clark OBE, Chief Executive of UMi (exact quote from the original text)
  • UMi's annual reports (not explicitly referenced in the original text, but mentioned in the context of UMi's support of 675,000 businesses)

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