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Small companies in the United Kingdom urge the government to give priority to easier access to financing, subsidized AI training and a more SME-friendly tax system as part of the strategy for economic growth, according to a new Goldman Sachs report .
The report, which is based on input from hundreds of companies that participated in the 10,000 Small Business Management Training Program of the Investment Bank, outlines important policy recommendations that, according to entrepreneurs, would accelerate growth. These include:
• Expansion of access to growth capital for small and medium -sized companies (SMEs).
• Offering publicly subsidized AI training to managers to help companies navigate technological progress.
• Embedding employability skills in the school curriculum to better prepare young people for the workforce.
• the share of the share of public purchasing contracts granted to SMEs up to 40 percent.
• Reform of business rates to support small retailers and encourage investments in main streets.
The report also proposes a national investment stop to connect small companies with financing providers and an SME infrastructure taskforce to ensure that the concerns of regional companies in Whitehall are heard.
Frustration about increasing tax burden
Although many entrepreneurs welcomed the involvement of the government to the Goldman Sachs initiative, they expressed frustration on rising costs, in particular the increase in the national insurance contributions of the employer (NICs) that was announced last year last year.
James Uffindell, Chief Executive of Bright Network, said that the Nics Rise had already forced his company to cancel plans to rent two resources at the middle level with £ 60,000 salaries.
Dorian Payne, director of the Wales-based social housing developer Castell Group, estimated that the increase would cost his company an extra £ 30,000 a year, while Katie O’Cearbhaill, co-founder of Excelsior Land, warned that the ability to undermine her ability to undermine To undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to get her ability to to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine her ability to undermine Students record her ability to undermine.
“We want to invest in the future of people, and it is really difficult to be encouraged to do that when you pay all these extra costs,” she said.
AI trains a ‘Game-Changer’ for SMEs
One of the most popular recommendations in the report is a AI training program supported by the government, which would expand the existing help to Grow Initiative. Managers said that AI could be transforming for SMEs, but warned that many missed the knowledge or resources to take advantage of it.
Rana Harvey, director of York-based Online Retailer Monster Group, said that AI tools such as Chatgpt had made its company considerably more efficient, from generating multilingual product descriptions to conducting fast market research.
However, she argued that government intervention was needed to help small businesses cut the hype and to access practical, high -quality training. “There is so much fear and lack of knowledge that it stops companies,” she said.
‘Less talk, more action’
Despite the recognition that the government has been open for discussions with small companies, many entrepreneurs now expect tangible action.
“A lot of great noise is made, but the fertile soil that we need – I don’t feel like something has come of it,” Harvey said. O’Cearbhaill agreed: “Less chat, more action.”
In the meantime, Payne said that a dedicated SME task force could help the government’s tendency to concentrate on larger companies. “A problem in Birmingham will not be the same as a problem in Wales or Bristol,” he noticed. “The government says it is easier to deal with large companies, but that is because there is no structured way to get in touch with small companies.”
‘Don’t cut our wings’
Cooper, whose software-as-a-service companies are expanding quickly, warned that the government should be careful with policy changes.
“With NICs and labor laws, they just have to be careful that they don’t make it harder. Support us to flourish, “she said.
Harvey added that improving trade relationships with Europe should be a priority. “Our biggest customers are in Europe, but there is so much friction. Remove that friction. The government continues to say that it wants a better relationship, but what does that mean? “
With small companies that are good for three fifths of British employment and that contribute considerably to GDP, their concerns can shape the future government policy. But as the report makes clear, companies want action – not just rhetoric.