New Business Basics Fund to help support small businesses’ earning power.
In a speech to the CBI today (Tuesday 26 June) Small Business Minister Andrew Griffiths unveiled a new £8 million fund to boost the productivity and performance of small businesses in England.
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.
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.
The Business Basics Fund will test new and innovative ways of supporting small businesses to take advantage of technologies and management practices – giving small business leaders the tools and support they need to continue to thrive.
The launch of the fund is the latest in a number of new measures introduced by the government to boost business productivity, including a review launched last month on how best to raise business productivity.