East Midlands Chamber has ‘broadly welcomed’ measures likely to be included in the government’s Small Business Strategy but called for small and micro-sized firms to be exempt from expected changes to reporting obligations.
Due to be published in July, the Small Business Strategy follows on from the Industrial Strategy and is expected to outline greater access to finance, policies to tackle late payment and streamlined access to business support. More detailed reporting of areas like profit and loss could be required, as outlined in the Economic Crime and Corporate Transparency Act.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “Any supportive measures included in the Small Business Strategy that make trade simpler or enable growth I’d broadly welcome. Access to finance and government support, addressing late payment and removal of unnecessary red tape would be a huge help to small businesses, especially at a time when the high cost of doing business is an ongoing challenge.
“The detail in the Strategy remains to be seen and it’s important that anything that could be a burden to small and micro businesses – like making reporting requirements more complex for businesses with a low turnover and head count, as laid out in the Economic Crime and Corporate Transparency Act – aren’t progressed in the Small Business Strategy. Smaller businesses should be exempt as adding extra paperwork to trawl through and any associated costs would inhibit, not enable growth for those with a handful of staff. The Small Business Strategy must make day-to-day trade a simple for small businesses and I’d urge the Department for Business and Trade to ensure that.”
Perspectives from East Midlands businesses
Creative62 Managing Director Mark Robinson said: “The UK government’s Small Business Strategy and reporting reforms are pitched as positive steps but, understandably, businesses are cautious. New initiatives often bring extra costs and administrative burdens, and many small firms feel left out of key decisions that affect their future.
“There’s a real question as to whether the government truly understands how UK businesses operate on a day-to-day basis and the untapped potential they hold, or if these reforms are just a scramble for revenue without a clear delivery plan. Only time will show if these changes genuinely support growth or add to the challenges small businesses already face.”
Digital Planning Co-founder Mark Underwood said: “We liked that the government was using SME strategy development to consider ways of promoting entrepreneurship and encouraging entrepreneurial culture.
“Given that 98% of the 42,000 businesses in Leicester and Leicestershire employ fewer than 50 people, for example, it’s clear that SMEs are the lifeblood of our regional economy.”
EMA Training Strategic Partnerships & Marketing Director Gemma Orton said: “As an East Midlands apprenticeship provider, we’re eager to see a Small Business Strategy that places skills development and investing in our future workforce at its core. We hope the strategy recognises apprenticeships as a vital tool for bridging skills gaps and supporting SME growth.
“Clear, accessible pathways for small businesses to engage with training and development opportunities will be key to ensuring the strategy delivers lasting impact on both a regional and national level. Engaging with apprenticeships and training can feel daunting for SMEs and so it’s our hope that local voices have been heard to ensure the strategy reflects the real needs of our business community.”
East Midlands Cyber Security Cluster Director Dr Ismini Vasileiou said: “The recent Industrial Strategy was clear that AI and digital are central to UK economic growth over the coming years – this will clearly seep down to SMEs.
“For me, it would be good for SME strategy to focus on the framework for skills and digital adoption required for SMEs needing to protect themselves and their data as the pace of digitisation accelerates over coming years.”
1284 Communications Managing Director George Oliver said: “It’s been a tough few months for a lot of SMEs and it will be interesting to see how Government plans to stabilise the business environment to something more conducive to entrepreneurship and investment.
“Whether it be the policing of shoplifting, new routes to finance, or further clamping down on late payment, there’s a lot to think about in ways to encourage the small businesses which account for 60% of private sector employment in this country.”
Truly SMB CEO Vicky Critchley said: “At Truly SMB, we see every day how AI and digital tools can unlock time, talent and growth for small businesses – but many still feel overwhelmed or left behind. What we’d really love to see in this Strategy is practical, hands-on support to help businesses adopt the right tech, plus a single, joined-up platform that cuts through the noise and uses AI smartly to guide them to what they need.
“We also need real investment in digital skills that are relevant on the ground, not just in theory, and funding that backs innovation without the red tape. Tech is moving fast -small businesses want to keep up, but we need the support system to move with us.”
