Department for Business, Innovation and Skills
Government support and accessible technology key to ‘golden age’ for small business
Yesterday the Prime Minister’s Enterprise Advisor Lord Young, published a report on the changing face of business over the past 5 years.
A new report on small firms from the Prime Minister’s Enterprise Advisor Lord Young, published yesterday, reviews the changing face of business over the past 5 years. Lord Young’s report on small firms shows that small businesses are entering a ‘golden age’, with a record number of small firms now established in the UK – some 5.2 million, an increase of 760,000 since 2010 – and a record number of people in work.
It finds that our changing relationship with the internet has brought down barriers that might previously have stopped a good idea from being turned into a viable business. The government’s drive to roll out super-fast broadband around the country, which has now reached over 2 million homes and businesses, and the increasing use of tablets and smartphones providing on-the-go internet access have made it easier for those working for themselves to reach customers and make sales.
The report also charts a change in culture, with growing numbers of people choosing to be their own boss not simply out of commercial necessity, but because of conviction in their own ideas.
It also outlines how government policies providing more support for small firms and new enterprises have helped transform the business landscape over the past 5 years. As part of the government’s long term plan to back business, create jobs and build a more resilient economy, Lord Young was appointed as the Prime Minister’s Enterprise Advisor in October 2011 and asked to review support for small businesses and look at how new and developing businesses can grow.
Prime Minister David Cameron said:
Lord Young has made a huge contribution as my Enterprise Advisor, with his reports driving home the importance of getting things right for small businesses and start ups. Small firms play a huge role in the economy and are absolutely key to delivering our long term economic plan. As well as being crucial enterprises in their own right, so often they also underpin the success of much larger companies as vital links in the supply chain.
Since his appointment, Lord Young’s reports have helped inform policy and led to new initiatives giving small businesses the support they need to thrive.
His first report as Enterprise Advisor, Make Business Your Business, published in May 2012, highlighted the record number of start-up businesses in the UK and introduced the government’s Start Up Loansscheme which now provides loans and mentoring to help new business ventures to get off the ground.
Growing Your Business, Lord Young’s second report, was published in May 2013, and paved the way for major reforms of public procurement to make it easier for small suppliers to win public sector contracts, a new Small Business Charter to improve university links with local small business communities, and a Growth Voucher programme to help small firms wanting to scale-up.
Enterprise for All, published in June 2014, focused on the entrepreneurial spirit in education. It looked at how schools, colleges and universities work with employers to inspire and motivate young people and help them make the best choices for their future education and careers. It recommended that young people should have a digital record of extra-curricular achievements and business-related activity, an Enterprise Passport, alongside their exam results.
Lord Young said yesterday:
In the last 5 years I have met countless numbers of inspiring entrepreneurs and small firms – from all ages and backgrounds and all reporting that starting a business is the most exciting and challenging thing they have ever done.
My report reflects on the key developments that government and its partners have supported to raise ambition about enterprise and enable entrepreneurs to build successful businesses.
Put these together and you can see the transformative effect on enterprise opportunities in the UK today. This is the golden age for small firms – there has never been a better time to start and grow a business.
Latest News from
Department for Business, Innovation and Skills
UK joins world-leading research programme to help develop medicines of the future20/03/2018 14:20:00
The UK yesterday (Monday 19 March) signed the European X-Ray Free-Electron Laser (XFEL) convention in Berlin, Germany.
Rushlight Cleantech Conference25/01/2018 14:47:00
Energy and Clean Growth Minister Claire Perry announces the first phase of UK government’s energy innovation investment portfolio.
Government to clamp down on unsafe lasers09/01/2018 10:12:00
Government announces new measures to tackle the sale of unsafe laser pointers.
Government announces landmark campaign to inspire next generation of engineers17/11/2017 10:22:00
The Year of Engineering will see government and industry offer young people across the UK a million direct experiences of engineering in a major push to tackle skills gap.
£29 million boost for bioscience11/04/2017 16:12:00
Business Secretary announces funding for bioscience project during visit to Scotland as part of UK-wide Industrial Strategy engagement tour.
£290 million boost for clean energy in Britain04/04/2017 14:25:00
The second Contracts for Difference auction for renewable technologies was launched yesterday.
Government welcomes £240 million strategic Toyota investment16/03/2017 16:15:00
Toyota Motor Europe has announced it is investing £240 million to upgrade its car plant in Burnaston, Derbyshire.
Government demands more action from Whirlpool on faulty tumble dryers17/10/2016 13:20:00
Consumer minister writes to Whirlpool UK asking for reassurance that everything possible is being done to ensure the safety of consumers.