Jonathan Reynolds has been appointed Britain’s new business secretary following Labour’s victory in the general election. With the Labor Party making ambitious election promises to support small businesses, all eyes are now on Reynolds to deliver on these promises and boost economic growth.
This appointment comes amid growing anticipation and expectations from various business groups, particularly the National Enterprise Network (NEN), which represents micro and small businesses across the country.
Ahead of the election, Labor had set out an ambitious plan to support small businesses, recognizing them as ‘not only the lifeblood of our communities, but also essential to our economic success’. As Keir Starmer unveils his new Cabinet, NEN is urging Reynolds to accelerate the implementation of this small business agenda to boost national growth.
The NEN recently published its policy report *Harnessing the Economic Potential of Our Small and Micro Businesses*, which sets out the most important steps for the new government. These steps focus on finance, education, social value and creating a level playing field for minority communities. The report’s recommendations include making Britain the best place to start and scale businesses by improving access to finance, boosting small business exports through a comprehensive trade strategy, addressing late payment issues action, opening up government contracts to small businesses and creating Skills England to tackle skills shortages.
Alex Till, chairman of the NEN, highlighted the crucial role of small businesses in the UK economy: “It is clear that entrepreneurs, start-ups and micro-enterprises have been largely overlooked over the past decade without an immediate strategy from the government. Britain’s micro, small and medium enterprises account for 50% of the country’s GDP, 50% of its growth, 75% of its innovation and a third of its jobs.”
Till stressed the need for the new government to unleash the potential of the SME economy, not only for national growth, but also for the recovery of local communities, providing the necessary skills, jobs, investment and social cohesion.
NEN’s policy report, based on research from the Enterprise Support Organizations network, provides a roadmap for addressing skills shortages and the needs of emerging and existing businesses through training, learning opportunities, one-to-one advice and mentorship.
As Jonathan Reynolds takes on his new role, the business community will be watching closely to see how he tackles these pressing issues and delivers on his party’s promises.