Chancellor of the Exchequer will call for more investment
in small businesses at a summit of top business leaders in No11
this evening.
Speaking to a room full of CEOs, investors and founders
representing businesses of all sizes, the Chancellor is expected
to say that entrepreneurs “have a friend in me" and give her
personal commitment that the Treasury will do “all we can to see
you succeed”.
The reception in No11 follows the International Investment
Summit, which secured investment commitments worth £63 billion –
creating nearly 38,000 jobs and more than doubling the amount
committed at last year's Global Investment Summit.
The Chancellor wants to drive up investment and ensure that
smaller businesses get the capital they need to scale-up,
addressing a funding gap that costs the UK economy hundreds of
billions of pounds a year.
Ms Reeves is expected to say:
“We will be an active government, and we will do all we can
to drive growth.
“But I am under no illusions. Growth is driven by the private
sector, and by entrepreneurs like those in this room tonight
...
“Our role is to partner with you, to promote you, and to
build an environment in which you can succeed
...
“Yesterday's summit makes it clear that the UK is open for
business, and it is open to business. We welcome investment into
companies of all sizes, big and small.
“Our aim with all of this is crystal clear: to drive growth.
And we must all work in partnership to deliver that.
“So my message to you is simple. You've got a friend in me,
and in the Treasury I run. We will do all we can to see you
succeed; for jobs, for opportunities, and for growth.”
The focus on delivering more investment in the UK economy is
critical to address the funding gap for small businesses and
women founders. An independent review of female entrepreneurship
found that a £250 billion boost could be added to the UK economy
if women started and scaled their businesses at the same rate as
men. The Invest in Women Taskforce is working to create one of
the world's largest investment funding pools for female founders
– worth over £250 million – financed by private capital.
Tonight's meeting will offer an opportunity for small businesses
and female entrepreneurs to connect with leaders from the
investment community as well as key Government and trade body
figures. Small business leaders such as Alex Kendall from Wayve,
Benjamina Bollag from Uncommon and Dom Hallas from the Startup
Coalition will be in attendance.
It follows a slew of pro-business announcements to attract
investment, including a commitment to publish a Corporate Tax
Roadmap at Budget, cap the Corporation Tax rate at 25% for the
duration of the parliament, mobilise an estimated £80 billion of
investment through the National Wealth Fund over the coming years
and unlock pension investment in venture capital opportunities
through a new British Growth Partnership as part of the British
Business Bank.
Bespoke support for the film and high-end TV industry was also
confirmed, with the government confirming a 40% relief on gross
business rates bills for eligible film studios in England from 1
April 2024 until 2034 – promoting investment in new studio space
and ensuring that the UK continues to be a world leader in
producing film and high-end TV.
