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Labour pledges to create US-style 'Small Business Administration'

2 min read

27 January 2014

The Labour Party today pledged to create a US-style “small business administration” if it wins the next election.

Shadow business secretary Chuka Umunna told the Federation of Small Businesses policy conference in Westminster today: “We need government to be a better servant, and customer, of small businesses and to make sure that entrepreneurs’ voices are heard at the top table.

“I think a UK small business administration is necessary to realise this ambition and I’m pleased to announce today that we will set one up if elected in 2015.”

In the US, the SBA brings together public sector procurement, business advice and funding together under one roof, with a seat at the government’s cabinet table. 

Umunna said: “A UK small business administration would create a step-change in opportunities for small businesses in government procurement, and improve the quality of support available, operating alongside a proper British Investment Bank and a network of regional banks to ensure that start ups and established firms can access the finance they need.”

Karen Mills, former head of the US Small Business Administration said: “Any conversation focused on jobs must include small business and entrepreneurship. When small business has a seat at the table, we can more effectively focus on entrepreneurship and innovation, which are critical components to a strong economic game plan in today’s world.” 

Mike Cherry, the FSB’s national policy chairman, welcomed the pledge. 

He said: “We are pleased the opposition is taking the FSB’s calls for a Small Business Administration seriously. We need that voice at the heart of Government.

“It is clear that all parties are listening to small firms in the lead up to the General Election, but it is important that whichever party ends up in Government maintains that focus and continues to takes decisive action to support small businesses drive the UK’s recovery.”

Image source: Shashi Bellamkonda Social Media Swami Network Solutions