This article was written by Damian and published in this week's Herald and Petersfield Post:
"Coming up this weekend is Small Business Saturday, a global campaign that continues to thrive and is now in its 10th year here in the UK.
It is a fantastic opportunity to celebrate and champion the many thousands of small businesses that underpin and shape our economy, both nationally and locally here in East Hampshire.
I’m looking forward to joining a special event on Saturday, at Winton House in Petersfield, that brings local microbusinesses to the high street for the day.
Petersfield’s Small Business Fair will be an opportunity for people to meet and talk with a range of small enterprises – from a host of different sectors – and find out more about their services.
Supporting high street and local traders is a vital way for us to ensure that our town centres not only stay vibrant, but also to encourage enterprise and entrepreneurship; which are both so important for economic growth.
Innovation lies at the heart of that ambition, including new initiatives like Help to Grow and Made Smarter.
Help to Grow offers free, impartial online support about how digital technology can boost business performance, and access to a management course that helps owners develop bespoke business growth plans, and get 1:1 support from a business mentor.
The Made Smarter scheme helps manufacturers to adopt technology to help make their businesses faster, more responsive and more efficient.
The recent Autumn Statement also outlined plans for public spending on R&D to increase to £20 billion a year by 2024/5, and funding for Innovate UK programmes to reach £2.6 billion across the Spending Review period.
Also included in the Statement was the setting of the Annual Investment Allowance (AIA) at its highest ever permanent level of £1 million, so more businesses can write off the cost of qualifying plant machinery in one go.
These are important measures, recognising the need for us to encourage both enterprise and investment, and especially within key sectors like life sciences, financial services, AI and data.
But of course not every businesses operates in a high tech environment, and the Autumn Statement made clear the focus on helping traders with a package of targeted support worth £13.6 billion over the next 5 years.
This includes the freezing of business rates mulitpliers, supporting all ratepayers, large and small, and the Transitional Relief Scheme to cap bill increases caused by changes in rateable values next year.
And support for eligible retail, hospitality and leisure businesses is being extended and increased from 50 per cent to 75 per cent business rates relief up to £110,000 per business in 2023-24.
The rise in energy costs has of course had a direct impact on businesses and organisations, and the Energy Bill Relief Scheme has been both necessary and welcomed by many. Although the scheme will be reviewed early next year, it will focus on identifying the most vulnerable non-domestic customers and how they can best be supported going forward.
It is people who lie at the heart of businesses, and that is why ensuring people have the right skills for the future is essential.
That starts with schools. We need to ensure the education system provides the skills current and future employers need, for example through T-Levels, Higher Technical Qualifications, Skills Bootcamps and Apprenticeships. In Parliament this week I had the opportunity to join in a celebration of the first T Levels graduates and it was good to meet representatives of the HSDC college group, which includes Alton, and Hampshire employers.
It is also important to support upskilling throughout people’s lives, and that is why the introduction of the Lifelong Loan Entitlement from 2025 to provide more flexible finance for adults to study throughout their lives is so valuable.
I know from the many businesses I have the privilege of visiting locally that starting a venture is both daunting and exciting, and that it takes a particular sense of purpose and confidence to achieve.
So, I would encourage everyone to take time on Small Business Saturday to consider how they can best support local traders, which in turn helps support our local economy as well as our local communities."
