Inspiring Entrepreneurship: The Value of SMEs to the UK Economy | IPT
Reception

Date:

Tuesday 26 November 2024

Venue:

River Room, House of Lords

Start Time:

18:00

End Time:

20:00

In the UK, 5.5 million small businesses make up 99.3 per cent of all private sector businesses. They contribute a staggering amount to the UK’s local and national economies, as well as being a major source of employment. SMEs account for an estimated 61% of employment (16.7 million) and 53% of turnover in the UK private sector. However, the cost-of-living crisis, interest rates and inflation could pose a significant challenge in 2024, requiring new strategies and cost-efficiency measures. The creation of FSB (Federation of Small Businesses) has been crucial in supporting small businesses by voicing their concerns to Government and campaigning on key issues on their behalf. FSB was founded 50 years ago by Colonel Norman Small, during a meeting in a pub in Preston that agreed to form a campaign in response to a hike in National Insurance. In 2024, FSB remains as significant as ever, once again working to support National Insurance reductions that were introduced in January and April. Estimates suggest that SMEs could see nearly 15% year on year revenue growth, bringing SME turnover up to around £2.3tn in 2024. As growth continues in an upward trend, what infrastructure is needed to encourage more individuals to become entrepreneurs?

This reception will:

  • Discuss what funding models are available to finance SMEs and how the UK can attract investment, especially as rising costs continue to burden SMEs.
  • Examine the emergence of new sectors such as immersive tech and non-alcoholic drinks production as a potential growth area for the UK.
  • Explore issues related to employee retention and how SMEs can be supported to attract skilled workers into their businesses.