Excited to share some of my insights along with Kevin R Smith, MSc, CEO of BOOM & Partners ahead of the Autumn Statement! with Real Business UK
Kevin Smith emphasises the need for a strategic allocation of the reported £25 billion “headroom”. Rather than individual tax cuts, attention should be on supporting SMEs—the backbone of our economy. Restoring Business Asset Disposal Relief and reducing business rates can stimulate growth without fuelling inflation. Let’s empower entrepreneurs and safeguard against corporate failures!
I echo the urgency for tailored support, especially for underrepresented founders. With over 105,000 UK businesses closing in Q1 2023, a recession looming, and only 2% of funding reaching female founders, reform is essential. Tax incentives for private investors, addressing the skills shortage, and promoting tech adoption are key steps. Let’s champion diversity, innovation, and sustainable growth!
Small businesses are at their limit, and it’s time for the government to integrate them into the economic growth strategy. Kevin and I both stress the importance of revising business rates, extending relief for affected sectors. The call for empowering local governments to support small businesses is crucial for transparency and streamlined services.