The UK Government has unveiled a revamped Board of Trade to support small businesses and increase global exports. This initiative, part of the Plan for Change, aims to help the country’s 5.5 million SMEs expand internationally and drive economic growth.
Board of Trade: Expertise for Business Growth
Announced by Business and Trade Secretary Jonathan Reynolds, the new Board consists of top business leaders, including:
- Mike Soutar – Entrepreneur and former Apprentice star
- Allison Kirkby – CEO of BT
- Michelle Ovens CBE – Founder of Small Business Britain
These advisers will serve as champions for SMEs, offering guidance to help businesses scale and trade more effectively.
Reynolds emphasized that the Board will focus on practical solutions, not just discussions:
“Small businesses drive our economy, and we’re determined to give them the tools to succeed. More SMEs exporting means more jobs, higher wages, and a stronger economy.”
SME Summit and Call for Evidence
Alongside the Board’s launch, a three-day SME Summit at Wilton Park will bring together:
- Small business leaders and Export Champions
- Government officials and trade bodies
- Finance and business support experts
This event will shape the Government’s upcoming Small Business Strategy, tackling issues such as:
- Encouraging entrepreneurship
- Boosting digital adoption
- Improving access to finance
- Expanding SME exports
A Call for Evidence is also being launched to assess barriers to SME financing, particularly for underrepresented groups, such as ethnic minorities and disabled entrepreneurs.
Small Business Minister Gareth Thomas highlighted the importance of finance for growth:
“For SMEs, securing funding is one of the toughest challenges. This Call for Evidence will help us understand what more needs to be done.”
Industry Leaders Welcome the Initiative
Business leaders and experts have praised the Government’s commitment to SMEs:
- Simon Groom, CEO of MagnifyB: “Unlocking SME data can improve cash flow and access to finance. We look forward to contributing to this effort.”
- Michelle Ovens CBE, Board Adviser: “Almost all UK businesses are SMEs. Their success drives our economy, and I’m excited to support their growth.”
- Mike Soutar, Board Adviser: “The UK has world-class talent. We must turn that potential into global success.”
- Laura Ward MBE, Founder of EXEAT: “Government support has been crucial in our journey as a global exporter.”
Additional Government Support for SMEs
The new Board of Trade follows recent measures to strengthen small businesses, including:
- Consultation on tackling late payments
- Protecting SMEs from National Insurance increases
- Extending business rates relief
- Launching a new Business Growth Service
Board of Trade Members
The newly appointed advisers include:
- Omar Ali
- Mike Hawes OBE
- Dame Vivian Hunt DBE
- Allison Kirkby
- Paul Lindley OBE
- Catherine McGuinness CBE
- Michelle Ovens CBE
- Mike Soutar
- Sarah Walker
- Dr. Charles Woodburn CBE
Conclusion
The revamped Board of Trade and SME Summit mark a significant step in supporting small businesses, improving access to finance, and increasing exports. With top industry leaders guiding policy, the Government aims to empower SMEs to thrive in global markets.
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