The Growth Agenda: Small businesses putting forward ideas for growth

Goldman Sachs published their “The Growth Agenda” report last week. This is a report that puts forwards the ideas of small business owners that could help to boost the UK economy.

The report looks at issues around several areas that affect small businesses and include ideas that may help to drive growth. The main areas discussed in the report include:

• Access to finance
• Talent and the workforce
• Artificial intelligence
• Taxation & trading
• International markets
• Infrastructure
• Climate transition

For each area, the report includes a summary of the main challenges and then some key ideas that would help to mitigate some of the challenges.

The ideas have then been summarised into a 2-page ‘Key Calls to Action’ summary. These are split between quick wins (straightforward initiatives that could be introduced relatively easily), momentum builders (initiatives that will require time and investment), and fundamental changes (ambitious ideas and major transformations).

As examples of the ideas included, a suggestion is made to expand R&D credits to include AI implementation and training to incentivise AI implementation. A business rates reform is also proposed to protect sectors that are property-intensive.

Whether these policy ideas are likely to come to fruition remains to be seen. However, the government has confirmed that it will consult on establishing the Business Growth Service it announced in December. This is to be a one-stop shop that will provide government advice and support to small businesses and help with raising finance.

To review the report in full, see: https://www.goldmansachs.com/images/community-impact/10000-small-businesses/uk/news-and-programme-information/generation-growth-the-growth-agenda/Report.pdf