CBI MSB summit 1st December 2014 – Helping the UK’s mid-market firms realise their potential
Minister of State for business and enterprise Matthew Hancock spoke at the 2014 CBI MSB summit around the audit of scale stating there are 10,000 mid-sized businesses out of total 5.2m businesses in UK.
These 10,000 are formed of a hugely diverse industry group ranging from chocolate to software e.g. Surrey Satellite Technology Ltd (SSTL) is a mid-sized business based in Guildford sending satellites into space for countries around the world – Exporting to Nigeria, Kazakhstan and many others will create potentially 100,000 jobs.
Support for these businesses from the government includes;
On 31st January there will be new regulation to ensure 30 day payment is cascaded down the supply chain for public sector contracts from the main supplier – allowing more businesses to tender for government contracts.
- 3000 regulations have been simplified.
- UKTI help open up new markets and they have a new focus on mid-sized business with 20 new advisors to access the UK and 160 overseas locations including more Indian and Chinese cities (EU is 50% of UK exports),
While Hancock agreed with the importance of better access to finance “on the right terms and at the right time,” he said the alternative was secondary to a return of the big banks supporting Britain’s Mittelstand.
The government want to hear from businesses in order to help make Britain the best place to start and grow businesses.
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