UK Government has launched New Business Basics Fund to support small business growth. The new fund will help more small businesses adopt tried and tested technologies to unlock £100 billion of untapped benefit to the economy. The fund forms part of the government’s modern Industrial Strategy, building an environment that makes Britain the best place in the world to do business.
Boosting national productivity and increasing workers’ earning power forms a key part of the government’s modern Industrial Strategy and the Business Basics Fund, run by BEIS in partnership with Innovate UK, will help businesses, charities, trade organisations and public sector organisations support small businesses in adopting tried and tested technologies and management techniques.
Small Business Minister Andrew Griffiths said, “Small businesses are the backbone of our economy, with more than 1,000 new businesses starting up every day, and it is vital that we support them to grow through our modern Industrial Strategy.”
Once the projects are launched, the government will then work with leading experts to evaluate the effectiveness of each project in boosting productivity, helping to inform future policies. Research from the CBI suggests that by encouraging more businesses to take advantage of leading technologies, management practices and business support services – such as cloud computing, mobile technology and e-purchasing – the UK economy could receive a £100 billion boost and see a 5% reduction in income inequality.
