Small Business Strategy

This week the Government unveiled its new SME Strategy — a bold plan to unleash the potential of five million small businesses and drive economic growth in every part of the country.

We will introduce tough legislation to end the late payment crisis, which closes 38 businesses every day, with new laws that cap payment terms at 60 days and new powers for the Small Business Commissioner so they can fine large firms that persistently fail to pay their suppliers on time.

Business and Trade Secretary Jonathan Reynolds said: “This country is home to some of the brightest entrepreneurs and innovative businesses in the world, and we want to unleash their full potential by giving them back time and money to do what they do best — growing our local economies.

“Our Small Business Strategy is the most comprehensive package of support in a generation, slashing unneccessary admin costs, making it easier for businesses to set up shop and giving SMEs the financial backing they need.

“This is our Plan for Change in action, putting more money in people’s pockets, boosting local communities and ensuring Britain is a great place to do business and thrive.”