Measures to stimulate small business growth and investment should be a priority in next month’s Government Spending Review, business groups have said.
In its submission to Chancellor George Osborne, the Federation of Small Businesses (FSB) said that investment in small firms would strengthen the economy and create more jobs and growth.
The FSB is calling for:
- A reform of the enterprise support landscape, with the Business Bank seen as an ideal opportunity to simplify business support and collate the 800 grant schemes currently available
- Details of how the Business Bank will be financed
- Spending to be directed towards skills development in apprenticeships and exports
- Investment in national and local infrastructure, including the road network and super-fast broadband.
Meanwhile, the British Chambers of Commerce (BCC) wants the Chancellor to shift spending towards capital investment to boost the British economy.
Following a poll of nearly 1,800 businesses, the BCC is calling for three main areas of action:
- Lower public spending and lower taxes, with businesses surveyed believing this would deliver the best outcome for the economy
- Priority for economic development, education and transport
- A balancing of capital investment and current spending.
John Longworth, director general of the BCC, said: “This is the Chancellor’s last chance to make a real difference to the health of the UK economy, this side of the next general election.”
“Businesses across the UK are crying out for more support to help them drive growth, boost trade overseas and create jobs and wealth. The Chancellor must be brave and listen to the business community, and seize this opportunity to go all out in the name of growth.”