Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Sunak’s £520 million SME Help To Grow scheme set to be axed in cost cutting drive

by October 24, 2022
October 24, 2022
Sunak’s £520 million SME Help To Grow scheme set to be axed in cost cutting drive

Rishi Sunak’s £520 million scheme to improve the productivity of Britain’s small companies faces the chop as part of a review of business support in Whitehall to find cost savings.

The former chancellor launched the initiative in March 2021 to train the leaders of 30,000 businesses on 12-week courses run by business schools over the following three years.

He said the scheme, called Help to Grow: Management, was designed to help “entrepreneurs to reach their potential”. It is 90 per cent-funded by the taxpayer, leaving businesses to pay £750.

In May, three business support organisations, including Enterprise Nation, were awarded an £8 million contract to recruit thousands of volunteer mentors to support the scheme. However, it is understood that business department is identifying business support schemes that could be cut in order to meet new cost savings demanded by the Treasury, with Help to Grow and a related programme, which provides £5,000 discounts on approved productivity software, both under the microscope.

“[We are] reviewing all those schemes to judge how effective they have been and if they’re worth continuing with,” a source at the department said.

A spokesman said the schemes were continuing to enrol new applicants. “Both the Help to Grow: Digital and Management schemes remain in place,” he said.

Help to Grow aims to help small companies to become more productive by arming their leaders with tools to help them to plan, prioritise and execute more effectively.

A survey last week by Be the Business, the support organisation, found that the management teams of small businesses were eight percentage points less likely to believe that they had the right skills, compared with their mood when the question was asked in the Spring. Business owners were ten percentage points less confident in their own skills.

Officials expected 4,000 directors to have enrolled on the Help to Grow scheme by May this year. A source involved in the rollout said the numbers of participants had accelerated since then. However, she was critical of the business department for not marketing the scheme effectively to encourage take-up. Another source admitted that the uncertain trading environment made it more unlikely for company owners and directors to feel they could commit to the three-month course.

Help to Grow’s sister scheme, called Help to Grow: Digital, was expanded in July to cover 1.2 million businesses when the business department lowered the eligibility criteria from a minimum of five staff to one. It aims to encourage the wider adoption of digital technologies.

At the time, Martin McTague, national chairman of the Federation of Small Businesses, welcomed the move. “It’s good that ministers are listening,” he said. “This will help small businesses enhance their operations and drive efficiency and growth.”

Read more:
Sunak’s £520 million SME Help To Grow scheme set to be axed in cost cutting drive

0
FacebookTwitterGoogle +Pinterest
previous post
Liverpool dock workers begin two-week strike after talks end in ‘chaos’
next post
Half of UK shoppers to cut back on spending for Christmas gifts

You may also like

Trump’s tariff threat: UK businesses could face higher...

February 14, 2025

Half of UK firms given loans by British...

November 14, 2022

UK insolvencies rise 27% on last year

July 19, 2023

FCC Pushing For TikTok Ban In The US,...

December 5, 2022

UK house prices rise 4% as buyers rush...

April 1, 2025

Bank of England Deputy Governor says he would...

November 24, 2022

Automation in logistics will make a huge impact...

January 27, 2023

How to improve the efficiency of your food...

May 5, 2023

John Lewis Boss, Dame Sharon White, announces resignation...

October 2, 2023

Rising sales fail to boost retailers’ confidence for...

August 26, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Marco Rubio holds first meeting with families of hostages held by Hamas

      June 28, 2025
    • Trump’s NATO Turnaround: From threatening to pull US out to ‘daddy’ of the alliance

      June 28, 2025
    • Week Ahead: As NIFTY Breaks Out, Change Of Leadership Likely To Keep The Index Moving

      June 28, 2025
    • Trump’s ‘big, beautiful bill’ faces Republican family feud as Senate reveals its final text

      June 28, 2025
    • Senate shuts down Kaine’s attempt to check Trump’s war powers

      June 28, 2025
    • 3 Stock Setups for the Second Half of 2025

      June 28, 2025

    Categories

    • Business (8,329)
    • Investing (2,081)
    • Politics (15,845)
    • Stocks (3,177)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved