31 July 2025
Commenting on the Government's 'Small Business Plan' published today, Chair of RIA's SME Group, Cath Leech, commented:
"With 60% of the country's workforce employed by small and medium-sized firms, we are pleased to see the government is recognising the role of SMEs in driving economic growth and providing them with the tools needed to thrive.
"We welcome the decision to improve SME's understanding of export opportunities available and growing access to export finance, particularly as skills and expertise within the UK rail supply chain are currently under pressure.
"Additionally, the decision to make it easier for smaller firms to win government contracts will not only benefit SMEs, but will also allow the supply chain to have greater access to the high-value specialisms they provide.
"A reduction in late payments will be vital to supporting SMEs by giving them secure cashflows, but this must be implemented correctly to ensure that small businesses are protected if they raise concerns over late payments."