Will back small business growth: Rachel Reeves

Reeves aims to address the funding gap for small businesses, which impacts the economy by hundreds of billions of pounds annually.

• Vivek Mishra
• 16 October, 2024

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By: Vivek Mishra

RACHEL Reeves will pledge support for small businesses and drive up investment during a summit on Wednesday evening.

Speaking to CEOs, investors, and founders, the chancellor will emphasise her personal commitment to helping businesses succeed.

She is expected to say, “You’ve got a friend in me, and in the Treasury I run. We will do all we can to see you succeed.”

This meeting follows the International Investment Summit, which secured £63 billion in investment commitments, creating nearly 38,000 jobs.

Reeves aims to address the funding gap for small businesses, which impacts the economy by hundreds of billions of pounds annually.

She will highlight the Treasury’s role in partnering with entrepreneurs to foster an environment conducive to growth.

The chancellor will also underline the UK’s openness to business, stating, “Yesterday’s summit makes it clear that the UK is open for business, and it is open to business.”

A key focus of the event is the Invest in Women Taskforce, which is working to establish one of the world’s largest investment funding pools for female founders, worth over £250 million.

An independent review found that if women started businesses at the same rate as men, it could add £250 billion to the UK economy.

Small business leaders, including Alex Kendall of Wayve, Benjamina Bollag from Uncommon, and Dom Hallas from the Startup Coalition, will attend.

The event follows a series of pro-business announcements, including a Corporate Tax Roadmap, a cap on Corporation Tax at 25 per cent for the current parliament, and £80 billion of investment through the National Wealth Fund.

Additionally, 40 per cent relief on business rates for eligible film studios in England has been confirmed from April 2024 until 2034 to support the film and TV industry.