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UK unveils a bold plan to revive small businesses in the post‑Covid era

In a sweeping announcement that has already captured the attention of entrepreneurs across the country, the UK government has rolled out a comprehensive package of financial support, training and regulatory relief aimed at breathing new life into the nation’s small‑business sector. The announcement, made by Prime Minister Rishi Sunak at a dedicated press conference on Thursday, follows months of consultation with industry groups, trade unions and small‑business owners who have spoken out about the crippling impact of lockdowns and the ongoing threat of supply‑chain disruptions.

A three‑pronged strategy

At the heart of the package is a three‑pronged strategy that seeks to address the most pressing challenges faced by small firms: access to capital, workforce skills and regulatory burdens.

1. Capital injection – The government will provide a £10 billion fund that will be distributed through a mix of loans, guarantees and equity injections. The loans will be offered at a 2 % interest rate for up to five years, with a grace period of up to 12 months. Small‑business owners who wish to apply can do so through the Business Support Portal, which has been updated to streamline the application process. The fund is targeted at businesses with fewer than 50 employees, but will also be available to cooperatives and community‑owned enterprises that meet certain eligibility criteria.

2. Skills training – A £3 billion investment will be directed toward reskilling and upskilling the small‑business workforce. The Ministry of Education and the Department for Work and Pensions will jointly roll out a “Digital Skills for Business” programme that includes free online courses, apprenticeship pathways and on‑site training delivered by industry experts. The programme is designed to equip workers with the technology skills needed to thrive in a rapidly changing economy, and will cover areas such as e‑commerce, data analytics and cybersecurity.

3. Regulatory relief – The government has pledged to cut red‑tape for small firms by simplifying licensing procedures and reducing administrative costs. A new “Small‑Business Licence” system will be introduced that consolidates multiple permits into a single application, and a new Digital Service that allows businesses to manage compliance documents, tax filings and health‑and‑safety inspections all from one dashboard. The system will be available to all businesses registered in the UK, with particular benefits for those in the manufacturing, retail and hospitality sectors.

A message of confidence

Prime Minister Sunak described the package as “a signal that the government is committed to lifting the burden off the shoulders of the most vital part of our economy.” He added that the plan would create “a generation of more resilient, innovative, and globally competitive small businesses.” In response, the Federation of Small Businesses (FSB) released a statement that praised the government’s commitment to “give small businesses the tools they need to not only survive but to thrive.”

Follow‑up and next steps

The Department for Business, Energy and Industrial Strategy (BEIS) will monitor the rollout of the scheme through a dedicated task force. The first tranche of funding is expected to be available within 30 days of the announcement, with the full programme rolling out over the next 18 months. The government has also pledged to hold quarterly stakeholder consultations to assess the impact of the package and make adjustments as necessary.

For those interested in applying, the Business Support Portal can be accessed at www.gov.uk/business-support. Additional information on the new Digital Skills programme is available through the Ministry of Education’s website, while details on the Small‑Business Licence system can be found in the BEIS policy brief published last week.

With this ambitious initiative, the UK government hopes to restore confidence among entrepreneurs, create thousands of new jobs and secure the long‑term competitiveness of the nation’s most dynamic economic actors.