While it doesn’t promise anything dramatic, what it does offer is a welcome sense of realism, a grounded, strategic approach to supporting the small and medium–sized businesses that power our economy, especially here in Cornwall.
At its core, realising just 1% growth a year, which could deliver £320 billion to the UK economy by 2030. There’s no big-time game here, just practical measures that aim to improve access to knowledge and support for every sector.
A lot of the time, government strategies can feel out of touch with the everyday needs of small businesses; however, this is measured, thoughtful and recognises that the success of our economy is about building a solid and scalable foundation for the businesses that already exist.
An important message from the plan is that local authorities are set to play a more central role in delivering business support. This means decisions can be shaped around the unique needs of each organisation, a significant step in the right direction for regions like ours.
Cornwall’s current indecisiveness over joining a combined authority or trying to achieve the same by doing it alone could significantly impact the funding we receive, which is needed to support our 27,000 employers and 105,000 self-employed people in the county.
This is the latest strategy to come from the government that makes references to funding being unlocked by Mayoral Combined Authorities so even though the Leader of Cornwall Council said we have time to make a decision, if we don’t make up our mind and learn to understand how we can access the funds outlines in this plan, it could lead to our business community suffering.
The strategy outlines clear objectives:
These will be delivered through local networks like the Cornwall Chamber of Commerce, Cornwall & Isle of Scilly growth hub, British Business Bank Southwest, FBS and more.
With this, the Business Growth Services website has also been launched, now positioned as the go-to place for businesses looking for support: https://www.business.gov.uk/
While this is a lot to take in and understand, one clear thing is that strategy recognises the importance of private sector SME’s (which, as a county, 99% of our business falls into), and it is so important we know exactly how this is going to work for us!
Links for more information below:
English Devolution and Community Empowerment Bill: Guidance – GOV.UK
We will continue to share updates and help other businesses understand what this all could mean for you, but in the meantime, if you have any questions, do contact us on 01872 267 267 or email us at contact@whyfield.co.uk