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ABS Supports Lord Young's Report on Growing Micro

Prime Minister’s Enterprise Adviser Lord Young publishes his report on growing micro businesses
The Association of Business Schools to lead a national program to develop a ’Supporting Small Business Charter ’ and award scheme.

In his second report to the Prime Minister -‘Growing Your Business’ - Lord Young highlights the increasing importance that micro businesses – those which have less than 10 employees – have on the success of the economy. Making up 95% of all businesses, he identifies steps the Government can take to help them develop their confidence and capability to grow, helping the UK to get ahead in the global race.

The key recommendation of the report is a greater role for business schools in the local economy with the establishment of a new national “Supporting Small Business Charter” and accompanying award scheme to incentivise business schools to help SMEs grow. This will include advising small firms and increasing the flow of highly qualified students and graduates into SMEs. Business schools could also become a key part of the referral process and provision of Start-Up Loans and Growth Vouchers.

The Government has supported this proposal and will work with the Association of Business Schools to develop and deliver the charter and awards.

Professor Angus Laing, Dean of the School of Business and Economics at University of Loughborough and Chair of the Association of Business Schools said:

“I welcome the far reaching recommendations of Lord Young’s report and wholeheartedly accept his invitation to lead a national program to develop links between business schools, their faculty and students and small business. The support of the Association of Business Schools for the concept of a supporting small business charter and award scheme is reflective of our member schools shared belief in the role of business schools within the wider community as key economic drivers.”

Lord Young said:

“We have one of the best environments in the world for the creation of new firms. What this report endeavours to do is to help and encourage all those new firms to now take on their first employees and grow.

“Growing our smallest businesses would transform our economy – they are the vital 95%. If just half of the UK’s micro businesses took on an additional member of staff, unemployment would be reduced to almost zero. We need to raise the aspirations and confidence of these businesses and give them the tools to grow.’

Prime Minister David Cameron said:

“It is very much true that Lord Young brings solutions to the table – his excellent report highlights the steps we can take to fire up business growth, helping to boost our competitiveness and ensuring the UK can get ahead in the fierce global race we are in. I thank him very much for his report.”

This was posted in Bdaily's Members' News section by Association of Business Schools .