UK Parliament Launches Inquiry into Small Business Strategy to Address Gap in Support

Strategic Insights -

The UK Parliament has launched a new inquiry into the country's small business strategy, aiming to provide a voice for small and medium-sized enterprises (SMEs) in the national debate on trade and economic growth. As part of this inquiry, the Business and Trade Committee is seeking input from businesses across the country on the key issues that should be addressed in the strategy. The committee's chair, Rt Hon Liam Byrne, has emphasized the need to give small businesses a more prominent role in shaping their future, citing concerns around high street closures, business rates, and access to capital and customers.

Key Takeaways:

  • SMEs make up 99.8% of all UK businesses, with the majority of them being small, family-run businesses.
  • The newly reformed Business and Trade Committee has reached out to businesses across the country to understand their key priorities and concerns.
  • The inquiry aims to identify overlooked gaps and misalignments in the regulatory and business support environment that hinder the growth of SMEs.
  • Key issues that will be addressed in the inquiry include business rates, commercial rents, finance and support, and access to customers.
  • The committee is seeking input from businesses on the key issues that should be addressed in the small business strategy.
  • Interested stakeholders are invited to join a national survey and/or submit evidence on the inquiry questions by July 16.

Statistics:

  • 9,300 retail outlets have closed on high streets in Britain over the past two years, with an average vacancy rate of 13.5% across England.
  • 69% of small businesses say that there are vacant units on their high street.
  • One in every seven high street shops were closed in the final quarter of 2023.
  • The UK Government has said it will set out its vision for support for small businesses this year.

Sources:

  • UK Government: Small Business Strategy (no date)
  • BBC News: "The quiet powerhouse of the economy" (no date)
  • The Guardian: "High street crisis: one in seven shops closed in final quarter" (no date)
  • UK Parliament: Business and Trade Committee, Small Business Strategy (no date)