Government ministers met recently to set out plans for a new Business Finance Council to be established to support SMEs through Brexit. Business, Treasury and Cabinet Office ministers met banking chiefs to encourage support for small businesses post-Brexit through an increased availability of finance.
The aim of this initiative is to give SMEs the best chance possible to succeed and seize opportunities that present themselves after the UK leaves the EU on October 31st. The success of growing small businesses will undoubtedly have a significant impact on the economy as a whole given that the SME sector makes up over 50% of jobs in Britain.
Business Secretary Andrea Leadsom said:
“Lenders must empower their SME customers to seize the huge variety of opportunities that lie ahead as we leave the EU on 31 October.
“Our new Business Finance Council will bring together key players, ensuring that finance continues to flow to our brilliant British businesses so they can do just that.”
CEO of IW Capital Luke Davis said:
“SMEs are vital to the UK economy both for the jobs they create and the innovation they encourage. Ensuring that this sector is in the best possible position to make the most of future growth opportunities will make a huge difference in years to come.
“If this announcement is combined with extensions to the schemes that fund the SMEs left behind by banks, such as EIS, we could see a boom of growth. Investors want to support British businesses and firms want to grow; what we need to do is make this sentiment a reality.”