Responding to the launch of the Government’s Small Business Plan, Alex Veitch, Director of Policy at the BCC, said:

“This is a much-needed step forward in recognition and support for SMEs, which are the backbone of the UK economy. Late payments, access to finance and business support are all issues which have held back many smaller firms.

“Late payments are a well-established barrier to economic and business growth, which hit the smallest companies hardest.

“Our research shows that three quarters of firms have, at some point, been paid late, with 28% saying that this had an impact on their operations.

“But it is important to get the balance right and we welcome plans for consultation.

“The online Business Growth Service will also be a valuable signpost to support and advice for firms.

“It will make it easier for them to connect with their local Chambers of Commerce, which play a crucial role in delivering business support and creating opportunities across their communities.

“It is welcome to see the plan featuring exports, as trade will be a key driver of growth going forward. However, more will be needed to help SMEs capitalise on the opportunities.

“Recognition around supporting businesses with technology adoption is also key. The BCC has been involved in the SME Digital Adoption Taskforce, and we look forward to taking that work forward to help smaller firms embrace AI and technology.

“But businesses are still struggling with a mounting wall of costs and will want to see longer-term reform of business rates and no further tax increases heaped upon them.

“For the government to achieve its Growth Mission, people need to stay in work and firms need to invest. The various strategies and plans published by the government over the last few months have set the strategic direction of travel.

“Now we need to see funding and real-world support to implement these policies, drive growth and reduce the cost of doing business.”