Small businesses are the beating heart of our high streets and our communities and are essential to our economic success. There are 5.5 million small businesses in the UK (99.8% of all businesses), accounting for 16.6 million jobs and £2.8 trillion annual turnover. Small businesses exported £107.9 billion of goods in 2023. They are also fundamental to regional development and our ability to secure growth and good jobs.

That is why I am delighted to announce that my department will launch the Business Growth Service in 2025. The Business Growth Service will make it simpler for businesses across the UK to get the help they need to grow and thrive in today’s economy and into the future.

Inspired by successful international examples, the Business Growth Service will simplify a fragmented array of SME support under a single, trusted banner to give firms an easy path to the help they need.

This government was elected on a promise to restore economic stability and deliver the change people need in their local communities. Working in partnership with local and devolved governments across the UK, and partners such as the Growth Hubs network, Innovate UK, and the British Business Bank, the Business Growth Service will provide direct support and introduce SMEs to other relevant services and providers they need to grow.

The Business Growth Service will work with the Government’s international network to support and advise companies on how to grow overseas.

My aim is for the service to be up and running in the first half of 2025.

There is a wide range of support available for businesses across the UK, but all too often Small and Medium-Sized Enterprises (SMEs) are faced with barriers when they try to access it. The Business Growth Service will remove these barriers, providing businesses with the help and support they need to unlock their potential for future growth.

In the coming months, my department will be consulting widely with businesses, representative bodies, experts, the devolved governments and local government in the design, development and implementation of the Business Growth Service.

I will update Parliament on progress again in due course.

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