A boost to productivity

The Treasury Select Committee is currently conducting an inquiry into financing UK SMEs. Newable has submitted a number of ideas....

Select Committees work in both the House of Commons and the House of Lords. Their role is to check and report on areas ranging from the work of government departments to economic affairs. The result of inquiries they conduct are made public and require a response from or influence the policy of the governemnt.

The BEIS committee inquiry is looking at what the Government can do to help small businesses improve their productivity, particularly through access to management training, the latest best business practices and information on the availability of financial support. It is also looking at the issue of late payments to small suppliers and maximising the role of the new Small Business Commissioner in tackling deliberate poor payment of suppliers by major companies.

As part of the inquiry, Newable submitted written evidence. This includes a series of recommendations including recognising the important contribution made by mentors in expanding management capability, increasing the access enjoyed by small businesses to corporate and government supply chains. As well as improving the supply of Responsible Finance to small businesses who have been refused funding by the mainstream banks and adopting a more nuanced approach to scale-ups. Away from the pursuit of the next ‘unicorn’, towards the development of a cohort of “mittelstand” businesses capable of transforming the productivity of the UK economy.

The full response can be viewed here https://www.newable.co.uk/reports/