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Government Announces Major Support Package for SMEs at Business Connect 2024

On March 18, 2024, marked an exceptional day for small and medium-sized enterprises (SMEs) at the Business Connect event in Coventry, where key figures including Rishi Sunak, Kevin Hollinrake, Lord Orford of Garvel, Frank Petitgas, Martin Traynor OBE, and members of our small business council convened. 

Richard Marshall – Pall Mall Barbers CEO and Founder in Business Connect

Amidst a backdrop of collaboration and innovation, Richard Marshall, the CEO and founder of Pall Mall Barbers – is delighted to share some groundbreaking news that promises to bolster the growth and resilience of SMEs across the nation.

“March 18, 2024, was a fantastic day at Business Connect in Coventry, where I had the opportunity to meet with Prime Minister Rishi Sunak, Kevin Hollinrake, Lord Orford of Garvel, Frank Petitgas, Martin Traynor OBE, and some of our small business council members. I’m thrilled to share some great news for SMEs! The government is extending the Growth Guarantee Fund with a £200 million investment, helping 11,000 small businesses access the finance they need to invest and grow. At the Autumn Statement, over one million small businesses were protected from a business rates increase for the fourth consecutive year. The government is now supporting small businesses for the next five years with a £4.3 billion package, including freezing the small business multiplier at 49.9p for a fourth consecutive year. This saves an average shop £1,650 and protects over a million ratepayers from a 6.6% increase in their bills. The Retail, Hospitality, and Leisure business rates relief has been extended for a fifth year, benefiting 230,000 properties with a 75% relief, up to a cap of £110,000 per business. This support is worth £2.4 billion and will protect small businesses, including cafes and high street shops. The Small Business Rates relief has also taken over 700,000 businesses out of paying business rates completely.”Richard Marshall CEO and Founder of Pall Mall Barbers

The highlight of the event was the government’s announcement of significant support measures aimed at providing SMEs with the vital resources they need to thrive in today’s competitive landscape. 

Foremost among these initiatives is the extension of the Growth Guarantee Fund, backed by a substantial £200 million investment. This infusion of capital will enable an estimated 11,000 small businesses to access the financing necessary to invest in expansion projects and drive sustainable growth.

Building upon previous commitments to support SMEs, the government unveiled a comprehensive £4.3 billion package designed to provide long-term stability and relief for small businesses. 

One standout measure is the continuation of protections against business rate increases for over one million small businesses, marking the fourth consecutive year of relief. By freezing the small business multiplier at 49.9p, the government is delivering tangible savings for businesses, with an average shop set to save £1,650 annually.

Recognizing the unique challenges faced by sectors such as retail, hospitality, and leisure, the government has extended the business rates relief for a fifth year. This extension, valued at £2.4 billion, offers a 75% relief for 230,000 properties, capped at £110,000 per business. 

This targeted support will safeguard small businesses, including cafes and high street shops, ensuring their continued viability and contribution to local economies.

Small Business Rates Relief Scheme | Business Connect

Furthermore, the Small Business Rates Relief Scheme has been instrumental in providing essential financial relief to over 700,000 businesses, exempting them from paying business rates altogether. 

This measure not only alleviates the financial burden on small enterprises but also fosters an environment conducive to entrepreneurship and innovation.

The government’s commitment to supporting SMEs underscores its recognition of their pivotal role in driving economic growth and prosperity. 

By providing access to capital, relieving financial pressures, and fostering a conducive business environment, these initiatives empower SMEs to thrive and contribute to a vibrant and dynamic economy.

As we look ahead to the future, I am confident that these measures will serve as a catalyst for innovation, job creation, and sustainable development across the SME landscape. 

Together, with continued collaboration and support from policymakers and industry stakeholders, we can ensure a brighter and more prosperous future for small businesses throughout the United Kingdom.

Read more here: https://www.gov.uk/government/news/prime-minister-to-announce-major-reform-package-to-boost-apprenticeships-and-cut-red-tape-for-thousands-of-small-businesses

Prime Minister at Business Connect

Read more here: https://www.gov.uk/government/speeches/pm-speech-at-business-connect-18-march-2024


Richard MarshallPall Mall Barbers

Michelle Ovens CBESmall Business Britain

Neil DavyFamily Business UK

Tina McKenzie MBEFederation of Small Businesses (FSB)

Emma HealLucky Saint | B Corp™

Thomas Hal Robson-KanuThe Turmeric Co.

Julianne Ponan MBECreative Nature Superfoods

Peter DaviesJames Lister & Sons Ltd

Gary ParlettAnswer Digital

Tania BolerElvie

Elizabeth Vega OBEInformed Solutions

Tessa ClarkeOlio • Share More, Waste Less

Jordan Schwarzenberger Arcade Media

Julie WhiteD-Drill (Master Drillers) Limited

Michael BristowCrowdProperty

Roni SavageJomas Associates (Engineering, Environmental, Land Remediation)

Andrew BissellSunamp

Alan LowryEnvironmental Street Furniture

Debbie WilliamsJohn Williams Heating Services Ltd

Building a Brighter Future Together

Richard Marshall‘s appointment to the Small Business Council UK underscores Pall Mall Barbers‘ steadfast commitment to supporting entrepreneurship and economic prosperity. As we embark on this new chapter alongside other council members, we are optimistic about the collective impact we can achieve in shaping a brighter future for SMEs across the UK.

Read more here: https://www.gov.uk/government/news/sme-council-membership-revealed-ahead-of-first-meeting

Stay Connected with Richard Marshall| CEO and Founder of Pall Mall Barbers

Follow Richard as he navigates the dynamic landscape of small business advocacy and empowerment. Together, let us work towards creating a thriving ecosystem where small businesses flourish and thrive.

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