Read: LPC 23: The Labour Party Conference hears how to put SMEs at the heart of economic growth
Small and Medium Sized Enterprises (SMEs) are the backbone to our economy, key to unlocking opportunity and improving social mobility. They employ 16.4 million people with an estimated £2.1 trillion turnover. They offer people the chance to run a business on their own terms,often in communities and regions where traditionally opportunities have been limited.
Recent years have been difficult and unpredictable. The pandemic and associated restrictions, difficulties with supply chains and skilled labour shortages and, most recently, a cost-of-living crisis have all presented challenges but there is increasing evidence that many SMEs are looking to the future, to recovery and growth.
At an event at today’s Labour Party Conference hosted by Aldermore Bank and the Purpose Coalition, Going for growth: How can the UK unleash economic growth by harnessing the power of SMEs? delegates had the chance to hear from a panel who discussed the conditions that would encourage SMEs to flourish and play their full part in the country’s economic growth. Labour’s mission to have the highest growth in the G7 highlighted how important policy alignment on the issue is in the run-up to the next general election. Speakers included Rt Hon Justine Greening, Purpose Coalition Chair, Steven Cooper CBE, CEO, Aldermore Bank, Nick Forbes CBE, Engagement Director, Purpose Coalition and Abdul Hai OBE, Executive Board Member, SME for Labour.
Aldermore Bank actively focuses on financial inclusion. Its mission to open up banking to people and businesses who find it difficult to get finance and advice from the traditional financial sector sees it working with experts to build up a deep understanding of different sectors to ensure that the support and products they offer are as effective as possible. Providing financial inclusivity brings equality of opportunity to those who would otherwise have missed out, giving them the chance of a better life and communities the chance to generate business and jobs.
Purpose-led enterprise has been the focus of a number of cross-party events held by the Purpose Coalition and SME4Labour, including the launch of the report Entrepreneurial Revolution: Putting SMEs at the heart of the economy, authored by Nick Forbes CBE.
