Prime Minister announces reforms to boost apprenticeships and support small businesses

Prime Minister Rishi Sunak has announced a number of reforms to support apprenticeships and small businesses in his speech addressing the Business Connect conference.

Among the announcements made in Warwickshire on 18th March include funding to support more apprenticeships with small businesses, reduce bureaucracy for SMEs and leverage more private investment in female entrepreneurs.

On apprenticeships, the Government will fully fund apprenticeships in small businesses from 1st April by paying the full cost of training for anyone up to the age of 21. From the start of April, the government will also increase the amount of funding that employers who are paying the apprenticeship levy can pass onto other businesses: large employers who pay the levy will be able to transfer 50% of funds to other businesses.

Further deregulatory measures to simplify both non-financial and financial reporting for SMEs have also been revealed at the Business Connect conference. Measures are expected to save thousands of businesses across the UK around £150 million per year.  This includes increasing the number of companies which qualify as a smaller or medium sized business through a 50% uplift to the thresholds that determine a company’s size.

Prime Minister Rishi Sunak said: 

“Growing up in my mum’s pharmacy, I know first-hand how important small businesses are. Not just for the economy, but as a driver for innovation and aspiration, and as the key to building a society where hard work is always recognised and rewarded.

“Whether it’s breaking down barriers and red tape for small businesses, helping businesses hire more young people into apprenticeships and skilled jobs or empowering women to start up their own businesses – this government is sticking to the plan and leaving no stone unturned to make the UK the best place to do business. 

“Taken together, these measures will unlock a tidal wave of opportunity and make a real difference to businesses and entrepreneurs across the country.”

Rishi Sunak has also launched a new industry led Invest in Women Taskforce to unlock private investment in female business leaders and make the UK the best place in the world to be a female founder. The core aim of the Taskforce is to raise a bespoke funding pot for female-founded businesses through private capital and address the wider challenges that female entrepreneurs specifically face to help unlock their potential to establish and grow their enterprises. 

The new taskforce will be industry led and co-chaired by entrepreneur Debbie Wosskow and Barclay’s Hannah Bernard, with Small Business Minister, Kevin Hollinrake, representing the government. 

Hannah Bernard OBE, Co-Chair of the Invest in Women taskforce and Head of Business Banking, Barclays UK said:

“This is an area I am incredibly passionate about, so it is a privilege to be offered this position.

“I believe that the key to the UK’s growth will be enabling every single entrepreneur in this country to thrive; female entrepreneurs face significantly higher barriers to get their businesses the support and investment they need, from seed funding for start-ups, through to the challenges of gaining scale-up investment.

“I’m really excited to be working with Debbie who is an ideal partner given her entrepreneurial credentials and I believe together, we can make a real difference.”

Debbie Wosskow OBE, Co-Chair of the Invest in Women taskforce and multi exit entrepreneur said:

“Women leading businesses shouldn’t have to face funding challenges to build and grow their business, because of their gender.

“As an experienced entrepreneur, who founded her first business 25 years ago, I know first-hand the importance of breaking down barriers and making meaningful change for female led businesses.

“By putting funding front and centre of this Taskforce, we aim to make the UK the best place in the world to be a female founder.”