With a focus on economic development, business resilience, and skills investment, the budget measures reflect the government’s continued commitment to supporting SMEs and fostering sustainable local growth. Below, we explore the key takeaways from the budget, highlighting how they may benefit our regional businesses and communities.
Economic Development and Simplified Local Funding
Streamlined Local Government Funding One of the most promising developments from the budget is the government’s plan to simplify local funding. By consolidating multiple grants into a single Local Government Finance Settlement, councils in Wiltshire and Swindon will gain greater stability through multi-year funding. This shift could empower councils to allocate resources with a clearer long-term vision, creating more consistent funding for economic development projects, infrastructure improvements, and local services – all critical areas for SMEs seeking a stable and supportive business environment.
Devolution and Local Government Efficiency The forthcoming English Devolution White Paper outlines proposals for a streamlined local government structure. This move aims to improve efficiency within councils, allowing local authorities to implement tailored policies that meet the unique needs of each region. For Swindon and Wiltshire, this devolution framework could open the door to more effective support for SMEs, creating an environment where local businesses have greater access to resources and targeted growth initiatives.
UK Shared Prosperity Fund The budget continues the UK Shared Prosperity Fund (UKSPF) for 2025-26, with £900 million available to local councils, albeit at a reduced level. For Swindon and Wiltshire, this fund will provide an estimated £2.5 million and £900,000, respectively. Local businesses could benefit if these funds are directed towards business development programmes, infrastructure projects, and economic initiatives that drive growth. By aligning these funds with local priorities, the councils can foster an ecosystem where SMEs have the support they need to thrive.
Investment in Levelling Up and Local Infrastructure A further £1 billion will be allocated to the Levelling Up Fund in 2025-26 to revitalise high streets, town centres, and communities across the country. For SMEs in Swindon and Wiltshire, this investment in high streets and infrastructure could stimulate local economies, drawing foot traffic, attracting new customers, and creating a more vibrant local business environment. High streets and town centres are at the heart of many communities, and this funding could directly enhance the business landscape for SMEs in our area.
Targeted Support for SMEs and Business Development
Growth Hubs and Help to Grow Programmes To support SMEs, the budget extends funding for Growth Hubs in England, which offer comprehensive business support, from strategic planning to digital transformation. The Help to Grow: Management programme, also renewed, provides access to mentoring and management training for business leaders. With the Swindon and Wiltshire Local Enterprise Partnership (SWLEP) actively supporting local SMEs, businesses across the region can benefit from these resources to bolster their operations, drive productivity, and build resilience.
Made Smarter Programme for Digital Innovation The Made Smarter programme, designed to drive digital adoption among manufacturing SMEs, will see its funding doubled to £16 million for 2025-26. SMEs in Swindon and Wiltshire, particularly in manufacturing and other high-potential sectors, will have access to support that can help them adopt digital technologies, streamlining their operations and improving productivity. For local manufacturers looking to remain competitive in a digital-first marketplace, this expanded support could be a game-changer.
Relief for Business Rates With the small business multiplier for business rates frozen, along with the continuation of Small Business Rates Relief, over a million small properties across England will be protected from inflation-driven rate hikes. SMEs across Swindon and Wiltshire, particularly those in sectors like retail and hospitality, can expect some relief from escalating costs, helping to safeguard cash flow and support the recovery of these vital sectors.
Skills and Workforce Development
Enhanced Skills Funding The budget has prioritised skills development, allocating an additional £300 million for further education (FE) to ensure young people are equipped with the skills needed for future employment. In addition, the Apprenticeship Levy will be reformed into a Growth and Skills Levy, with £40 million allocated to develop new foundational apprenticeships in key sectors. These investments represent significant support for local businesses as they tackle the current skills shortage and prepare a skilled workforce for the future.
Connect to Work and Youth Guarantee Initiatives The new Connect to Work programme will help people with disabilities and health conditions access meaningful employment, providing local SMEs with a larger, more diverse talent pool. The Youth Guarantee Trailblazers, meanwhile, will help young people across England enter training or employment, allowing businesses to find young, skilled talent. For Swindon and Wiltshire, these programmes provide access to a new generation of workers, bolstered by government-supported training and skills development.
Infrastructure and Green Initiatives
Cycling, Walking, and EV Infrastructure Further investment in cycling and walking infrastructure, alongside funding for on-street electric vehicle (EV) chargepoints, could significantly benefit Swindon and Wiltshire’s connectivity. Improved transport infrastructure supports all local businesses by enhancing accessibility, particularly for rural areas where SMEs depend on reliable transport networks. As more chargepoints are installed, businesses will be better positioned to adopt sustainable transport, supporting the transition to a greener economy.
Looking Ahead: A Positive Landscape for SMEs For SMEs in Swindon and Wiltshire, the recent budget offers a host of opportunities to boost growth, resilience, and sustainability. With simplified funding, targeted support for digital transformation, relief for business rates, and substantial skills investment, the region’s business landscape is set to become even more conducive to success.
Local businesses are encouraged to stay informed and engaged with SWLEP and other business support programmes to make the most of these initiatives. Together, these measures signal a robust framework for SMEs across the region, paving the way for sustained growth and economic resilience in the years ahead.