British businesses are “set to benefit” from a new Government-backed funding scheme designed to boost productivity, it has been announced.
HM Treasury, who published the report today, 05 November 2019, said the new £56 million funding facility will help businesses realise their full potential.
The funding, first announced at Budget 2018, comes after the publication of a new Government report setting out 10 key actions that will support businesses to become “more productive”.
The recommendations advise SMEs to “harness the benefits of technology”, such as cloud accounting software and customer relationship management (CRM) software, and enhance leadership skills and drive up good management practices.
The report also recommends that SMEs should seek external support and advice from peers and benchmark their performance against competitors using the Be The Business benchmarking tool.
Commenting on the report, Small Business Minister Kelly Tolhurst said: “We are determined to make the UK the best place to work and start a business – and boosting productivity is key to that. As a former small business owner, I know how important it is to harness technology to make your business more productive and our review sets out crucial actions that businesses can take to boost their own productivity.
“This £56 million of government funding will help businesses of all sizes seize the opportunities of scaling up in new markets when we leave the EU.”
According to the report, the funding can be used to invest in new opportunities to improve performance, such as leadership training, building peer to peer networks, and adopting new technology solutions.
Simon Clarke, Exchequer Secretary to the Treasury, added: “We have created one of the most attractive business environments in the world with low taxes and our commitment to invest an additional £7 billion in R&D to unlock talent and opportunity. However, it’s vital we do everything we can to help improve the UK’s long-term productivity.
“The Business Productivity Review forms a crucial part of our efforts to boost UK productivity and unlock the potential of people and places across UK.”
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