The Growth Agenda: Small businesses putting forward ideas for growth

Goldman Sachs recently published their ‘The Growth Agenda’ report. This puts forwards ideas from small business owners that could help to boost the UK economy.

The report looks at issues around several areas that affect small businesses and include ideas that may help to drive growth. The main areas discussed include:

• Access to finance
• Talent and the workforce
• Artificial intelligence
• Taxation & trading
• International markets
• Infrastructure
• Climate transition

For each area, the report includes a summary of the main challenges and then some key suggestions for growth.

The ideas have then been summarised into a 2-page ‘Key Calls to Action’ summary, split between quick wins (initiatives that could be introduced relatively easily), momentum builders (initiatives requiring time and investment), and fundamental changes (ambitious ideas and major transformations).

As examples of the ideas included, a suggestion is made to expand R&D credits to include AI implementation and training to incentivise AI implementation. A business rates reform is also proposed to protect sectors that are property-intensive.

Whether these policy ideas will ever see the light of day or not remains to be seen. However, the government has confirmed that it will consult on establishing the Business Growth Service it announced recently. This is to be a one-stop shop that will provide government advice and support to small businesses and help with raising finance.

You can review the report in full here.