Cable backs small businesses to grow
Submit Articles Back to Articles
23 March 2012 - BIS
Measures to strengthen
supply chains and reduce the burden of regulation were announced by the
Business Secretary Vince Cable today.
Speaking at the Federation of Small Businesses conference Dr
Cable set out the practical steps Government is taking to help SMEs and
boost business investment and cut red tape, including:
- The £125 million Advanced
Manufacturing Supply Chain Initiative, which will open for applications
from 29 March; and
- A new 'Focus on
Enforcement' campaign to identify where inappropriate or excessive
enforcement of regulation is holding companies back.
Business Secretary Vince Cable said:
“This Government has an absolute commitment to clearing away
the barriers that act as a brake on growth for British 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.
“In addition the Advanced Manufacturing Supply Chain
Initiative will help build manufacturing capacity and ensure that more
of the necessary components can be sourced in this country. We will
support projects that deliver economic growth, greater competitiveness
and safeguard or generate jobs.
“We will also increase the supply of capital through non-bank
lending channels via our £100m SME focused Business Finance
Partnership, targeting finance channels other than loan funds.”
The Advanced Manufacturing Supply Chain Initiative has been
set up to help the existing supply chain grow, achieve world class
standards and encourage major new suppliers to come and manufacture in
This initiative, to be run by Birmingham City Council, will
provide grants and loans to successful projects demonstrating real
ambition to create globally competitive supply chains.
The funding can support a combination of investment in capital
equipment, associated R&D, and training and skills in
recognition of the flexibility needed to overcome the barriers that
suppliers and supply chains can face.
Vince Cable today also launched the Focus on Enforcement
campaign - asking business to tell us where enforcement can be
improved, reduced or done differently and to discover and celebrate
where it works well, so others can learn from it. Government will pick
up the best ideas for change submitted and look swiftly at how we can
improve the experience of regulatory enforcement in those business
Urging businesses to put forward their ideas for change and
improvement to the Focus on Enforcement website, Dr Cable added:
“The Government knows that ill thought-out regulations cost
businesses time and money – which is why it devised the Red Tape
Challenge. But sometimes the regulations are fine, it is inconsistent,
inappropriate or overlapping enforcement that is the problem.
“Focus on Enforcement gives all businesses, but especially
smaller and medium sized firms that often feel the disproportionate
weight of inspection and compliance, the chance to make a real
difference to the way regulators visit, inspect and advise business and
enforce the law."
1 For more information on the criteria of the Advance
Manufacturing Supply Chain initiative, timescales, eligibility and how
to bid, please visit http://www.innovateuk.org/content/competition/advance-notice-advanced-manufacturing-supply-chain.ashx.
There will be a national briefing event for potential applicants.
2 The £125 million national initiative is being funded by the
Regional Growth Fund and Department for Business Innovation and Skills.
It is based on an existing bid to the Regional Growth Fund (RGF) led by
a group of local enterprise partnerships (Greater Birmingham and
Solihull, Coventry and Warwickshire, Black Country and Liverpool City
Region) and Birmingham City Council which focussed on the automotive
and aerospace sectors and on a specific regional area.
3 The initiative is now expanded to the whole of England and
across advanced manufacturing sectors. Birmingham City Council will
administer the expanded fund and will ensure national criteria and
governance arrangements are put in place, including an independent
Investment Board to take final decisions on which applications should
receive funding from the initiative.
4 The scheme is open to all advanced manufacturing sectors
except where barriers to entry are low. The Technology Strategy Board
will support Birmingham City Council running the competition process.
5 The Focus on Enforcement website is live and can be found at
The site gives business the opportunity to suggest areas for review of
compliance and enforcement arrangements, and to provide evidence for
the first three reviews. The first three reviews were announced at
Budget and will cover chemicals, small businesses in food manufacturing
and volunteer events. These reviews will begin work in April and
further details will be made available soon.
6 For the first time, details on national regulators, their
remits and regulatory budgets and staff resource are published in one
place on the website and information is also provided on regulatory
functions undertaken by local authorities. (A large number of
organisations play a part in securing compliance with the law.
They include national regulators, local authorities, and bodies
independent of Government, some of which have statutory regulatory
functions. The list on the website is not exhaustive and details will
continue to be added and updated).
7 The £100m investment in SMEs through non-bank lending
channels from the Business Finance Partnership (BFP) was announced in
the Budget. Its key aims are to stimulate the development of a deeper
and more diversified non-bank lending market for those businesses in
the UK with a turnover of less than £500m.
8 This year the Government is running the Business in
You campaign to encourage more people to start or grow their
business throughout 2012 using a range of existing support services,
including the SME Business Finance Partnership scheme. More information
is available at www.businessinyou.bis.gov.uk.
About the Author
© Crown Copyright. Material taken from the BIS Department for Business, Innovation and Skills. Reproduced under the terms and conditions of the Click-Use Licence.
Follow us @Scopulus_News
Article Published/Sorted/Amended on Scopulus 2012-03-23 14:09:05 in Business Articles