Independent jewellery businesses in the UK will potentially receive more support from the Government after it launched a new £8m Business Basics Fund.
Small Business Minister, Andrew Griffiths announced the launch of the fund, run by BEIS in partnership with Innovate UK. The scheme will look to support businesses, charities, trade organisations and public sector organisations in adopting tried and tested technologies and management techniques.
Research from the CBI suggests that by encouraging more businesses to take advantage of leading technologies, management practices and business support services, such as cloud computing, mobile technology and e-purchasing, the UK economy could receive a £100 billion boost and see a 5% reduction in income inequality.
Griffiths said: “Small businesses are the backbone of our economy, with more than 1,000 new businesses starting up every day, and it is vital that we support them to grow through our modern Industrial Strategy.
“The Business Basics Fund will test new and innovative ways of supporting small businesses to take advantage of technologies and management practices – giving small business leaders the tools and support they need to continue to thrive.”
Matthew Fell, CBI UK chief policy director, added: “Put simply, UK businesses must do more to improve their productivity to get themselves match fit to compete globally in the years ahead. Low uptake of the nuts and bolts technologies of today is a key feature of the productivity puzzle that can, and must, be tackled.
“UK business technology adoption levels are close to the EU average but far behind the front runners, lagging nearly a decade behind the Danes.”