£56m funding boost to drive productivity in SME sector
This government financed cash injection is aimed at harnessing technology and encouraging businesses to take crucial actions to boost their own productivity – a very worthwhile and commendable objective to be sure! For more detailed information on this subject please read the news bulletin below which was issued by Insider Media Ltd today.
Roger Mundy, Managing Director, Beardsley Theobalds, 6th November 2019
UK businesses set for £56m boost
Businesses across the UK could be set to benefit from a £56m funding boost designed to drive productivity.
The cash injection – originally announced at the Budget 2018 – will comprise £11m to create a Small Business Leadership Programme, £20m to strengthen networks and focus on business improvement, and £25m to expand Innovate UK's Knowledge Transfer Partnerships (KTP) programme.
The latter will involve getting more than 200 additional graduates with relevant skills placed into businesses with complex management issues to translate their research insights into business growth.
Small business minister Kelly Tolhurst said: "We are determined to make the UK the best place to work and start a business, and boosting productivity is key to that. As a former small business owner, I know how important it is to harness technology to make your business more productive and our review sets out crucial actions that businesses can take to boost their own productivity.
Simon Clarke, exchequer secretary to the Treasury, added: "We have created one of the most attractive business environments in the world with low taxes and our commitment to invest an additional £7bn in R&D to unlock talent and opportunity."However, it's vital we do everything we can to help improve the UK’s long-term productivity."