Business Secretary Vince Cable announced late last week practical steps the government will take to help small businesses, particularly in manufacturing, by boosting investment and removing red tape.
The £125 million Advanced Manufacturing Supply Chain Initiative will look to support innovative projects in advanced manufacturing sectors where the UK is established, such as aerospace, automotive and chemicals. It will also target newer areas for growth where the UK is in a position to take a global lead on, such as energy renewable and low carbon sectors.
A new ‘Focus on Enforcement’ campaign was also announced, which will identify where excessive regulation is holding companies back.
Cable insisted the government had an “absolute commitment” to clearing barriers area which impeded growth for the UK’s SMEs.
“That is why, for example, we are not just reviewing whether there is still a case for each regulation, but now we are going to tackle how regulations are actually enforced as well. That commitment to lighten the load lies at the heart of our strategy for achieving economic transformation and recovery”, he added.
The Advanced Manufacturing Supply Chain Initiative will look to ensure necessary components can be sourced in this country, to help boost economic growth, greater competitiveness and safeguard / generate jobs. It will open for applications from the 29th March.
Approximately one in three businesses using invoice factoring or invoice discounting across the UK are manufacturers (as of end of 2015)