The Swindon and Wiltshire Growth Hub warmly welcomes the Government’s newly published strategy, Backing Your Business: Our Plan for Small and Medium Sized Businesses, released today. This wide-ranging plan sets out a clear and ambitious vision to make the UK the best place in the world to start and grow a business—and it places small and medium-sized enterprises (SMEs) firmly at the centre of that mission.
For our region, where SMEs form the backbone of the local economy, this plan represents a significant step forward. From independent retailers and tradespeople to tech start-ups and manufacturers, businesses across Swindon and Wiltshire stand to benefit from a more supportive, streamlined and opportunity-rich environment.
The plan addresses many of the challenges we hear about from local businesses every day. Late payments, for example, continue to be a major issue for cashflow and growth. The Government has committed to introducing the most robust legal framework on late payments in the G7, including mandatory interest on overdue invoices and stronger powers for the Small Business Commissioner. This is a welcome move that should give smaller firms greater confidence when trading with larger organisations.
There’s also a strong focus on reducing the burden of red tape. The Government aims to cut the administrative cost of regulation by a quarter, while modernising the tax and customs system to make it easier for businesses to navigate. These changes, alongside new AI-powered tools to help with tax compliance, could save local business owners valuable time and resources.
Access to finance is another key theme. The expansion of Start-Up Loans and long-term backing for the British Business Bank’s Growth Guarantee Scheme will help more entrepreneurs get the funding they need to launch and scale. Importantly, there’s also a renewed focus on ensuring that finance reaches businesses outside London, with regional investment funds and support for diverse founders.
Closer to home, the plan includes measures that could breathe new life into our high streets and town centres. From transforming business rates for retail, hospitality and leisure properties, to banning unfair rent review clauses and tackling shoplifting and tool theft, the strategy recognises the everyday pressures facing local traders. The introduction of High Street and Growth Incubators, alongside new community funding, could provide a real boost to regeneration efforts in towns across Wiltshire.
Looking to the future, the plan also sets out how the Government will support businesses to adopt new technologies, develop leadership skills, and access the talent they need. This includes expanding digital adoption programmes, launching new short courses in areas like AI and engineering, and reforming the apprenticeship system to make it more flexible and SME-friendly.
Finally, the creation of a new Business Growth Service promises to simplify the business support landscape, offering a single digital front door to advice, funding and export opportunities. This aligns closely with our own mission at the Growth Hub—to make it easier for businesses in Swindon and Wiltshire to find the help they need, when they need it.
We’re encouraged by the Government’s commitment to working in partnership with local organisations, and we look forward to playing an active role in delivering this plan on the ground. As always, we’re here to support businesses of all sizes and sectors across the region.
To find out how these changes could benefit your business, or to access tailored support, call us on 01249 477287.
The full report can be found here.