The government has revealed a new fund to support small business performance and productivity.
As part of the government’s long-term Industrial Strategy, the Business Basics Fund will provide £8 million to help small businesses adopt current technologies and management techniques.
The government will then work with experts to assess how effectively each project increases productivity.
Andrew Griffiths, small business minister, said the fund will “give small business leaders the tools and support they need to continue to thrive”.
According to the Confederation of Business Industry (CBI), encouraging businesses to use practices like cloud computing, mobile technology and e-purchasing could boost the economy by £100 billion.
Matthew Fell, chief policy director of CBI UK, said:
“Put simply, UK businesses must do more to improve their productivity to get themselves ‘match fit’ to compete globally in the years ahead.
“Low uptake of the nuts and bolts technologies of today is a key feature of the productivity puzzle that can, and must, be tackled.”
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