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New public-private scheme to support mid-sized firms

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Britain’s mid-sized businesses were the focus of Chancellor George Osborne’s speech at the Daily Telegraph‘s Festival of Business in Manchester this morning.

While the Chancellor’s speech focused mainly on how the government’s Plan for Growth was helping British SMEs, Osborne also announced a new initiative to support Britain’s mid-sized businesses.

Working with the CBI, the government will work with large, well-established firms, to offer support to mid-sized firms.

Tesco, Centrica, Virgin, GSK, Network Rail, GE, Carillion and BAE Systems have all already signed up to work on the scheme, which will see them offer advice and support.

“In the UK, mid-sized businesses like yours are often at the centre of our supply chains,” Osborne told the audience. 

“Your prospects depend on the decisions of larger firms at the top of the chain. And the success of those larger firms in turn depends on having reliable and efficient suppliers. So today I can tell you that some of Britain’s biggest businesses have agreed to share their global success with their supply chain.”

The government says the scheme will:

  • Open up new export opportunities, helping British businesses access new markets around the world where the big name is already established
  • Share expertise, with opportunities to work shadow top executives, access training courses and build apprenticeship opportunities
  • Create new intellectual property “by sharing R&D facilities and collaborating on new technology”
  • Build more sustainable models of financing and payment arrangements that help access to working capital

“It’s a simple idea. Today’s successful firms helping you grow into the big companies of tomorrow. It’s in your interest, it’s in their interest, and it’s in the interest of the UK economy,” Osborne added.

More details are set to be unveiled in the Fall – we’ll be sure to update you as and when information gets released.

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