Policy for small and medium sized businesses

Policy decisions taken by government have a huge impact on small businesses.

However, few SMEs have time to lobby government directly or even spend much time thinking about policy decisions that may be several months or even years down the line.

That's why techUK engages directly with government on behalf of the industry to speak up for the needs of small growing tech companies.

Our current priorities are access to finance; tax and regulation; and skills

Access to finance

Ensuring SMEs are able to access finance for growth critical for the UK's economic recovery.

The financial crisis has forced many small businesses to look beyond traditional bank lending to alternative forms of finance to fund their growth. Although banks will remain a significant source of funding, the availability of new, innovative finance options is increasing, as demand grows for more diverse sources of finance to both start and sustain their businesses.
Rightly, Government is encouraging banks to reach out to SMEs. However, effective implementation of the recommendations of the Breedon Taskforce Report on Boosting Alternative Sources of Finance is required to expand existing alternatives further.

techUK is committed to help small and medium technology companies grow by:

  • Monitoring and promoting the various government interventions designed to support business lending.
  • Lobbying the Government to addressing the 'funding gap' by effectively and swiftly implementing a schemes designed to support access to finance for SMEs such as the Enterprise Finance Guarantee and the Seed Enterprise Investment Scheme.
  • Raising awareness of the broad range of alternative finance options that are now available for SMEs, including equity investment, venture capital and crowdfunding.

Tax and Regulation

Although the UK tax and regulatory environment has improved, for many SMEs tax and regulation remains a burden on their business.

techUK believes that a simplified, competitive and cost-effective tax and regulatory environment would ensure that small and medium-sized businesses can get on with growing their businesses and contributing moret o UK GDP.

techUK is committed to helping small and medium technology companies achieve their growth potential by:

  • Lobbying the government to ensure the UK's tax and regulatory system provides stability and simplicity for small and medium companies and has the potential to boost job creation
  • Raising awareness and promoting positive reforms and initiatives designed to reduce tax and regulatory burdens for small and medium companies (e.g. Prompt Payment Code, R&D tax)
  • Running regular seminars to provide our members with guidance and practical advice on how to comply with new and existing regulations.

Skills

techUK's SME members constantly cite access to skills as one of their biggest barriers to growth.

techUK welcomes government's reforms to England's national curriculum for 2014 which will have a strong emphasis on computing and technology. Computer science is at the heart of everything in the digital world, and we believe, the implementation of these changes will inspire more pupils to pursue a career in the tech industry.


techUK believes that a more concerted effort is required by all stakeholders (government, academia, and industry) to develop a strong skills and workforce strategy to address current and future demands.

techUK is committed to help small and medium technology companies grow by:

  • Raising awareness and promoting positive reforms and initiatives designed to address the UK's skills shortage (e.g. Apprenticeships, The 5% club).
  • Working collaboratively with both the government and industry to drive the growth of ICT apprenticeships.Fostering a culture of collaboration between universities and industry to bridge the ICT skills gap.

 

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