On the evening of 23rd September 2024, a distinguished group of business leaders, policymakers, and supporters gathered at the Exchange Restaurant in the Hilton Hotel for an exclusive dinner focused on the challenges and opportunities facing small businesses. The event was headlined by Gareth Thomas, Parliamentary Under Secretary of State (Minister for Services, Small Businesses, and Exports) at the Department for Business and Trade. Organized by SME4Labour, the dinner provided a platform for open discussion on how the new Labour government intends to support small and medium-sized enterprises (SMEs) in an evolving business landscape.
The dinner was hosted by David Burton-Sampson, the newly elected Labour MP for Southend West and Leigh. As the first-ever Labour MP for the area, David welcomed the attendees, expressing his excitement at representing his constituents in Parliament and highlighting the importance of supporting small businesses, which are the backbone of local economies.
Keynote Address by Gareth Thomas
Gareth Thomas delivered the evening's keynote speech, focusing on Labour’s commitment to fostering growth and supporting SMEs. He noted the immense contribution of small businesses to the UK economy, representing 99% of all businesses and 61% of total employment. Gareth outlined several key policy initiatives aimed at bolstering small businesses, including:- Tackling Late Payments: Implementing new legislation to address the issue of large companies delaying payments to smaller suppliers, which creates significant cash flow problems for SMEs.
- Business Rates Reform: Reforming the current business rates system, which disproportionately affects retail and hospitality sectors, to make it fairer and more conducive to growth.
- High Street Revitalization: Collaborating with local authorities and the Home Office to address issues such as retail crime and anti-social behaviour, as well as ensuring increased police presence and protection for shop workers.
- Skills Development: Establishing Skills England and reforming the apprenticeship levy to make it easier for small businesses to recruit and retain talent.
- Export Support: Addressing the difficulties faced by SMEs in accessing international markets, especially in Europe, and simplifying cross-border trade.
Sponsor Addresses
The dinner featured key insights from event sponsors, who shared their perspectives on the current challenges and the role of innovation in supporting SMEs:- Kerry McKean, General Counsel at Intuit, spoke passionately about the importance of technology in helping small businesses compete. She emphasized that digitization, including AI tools, can level the playing field for SMEs by enabling them to streamline operations and predict business trends. Intuit, a global leader in financial software, has been working to empower millions of small businesses across the UK and beyond.
- Conrad Ford, Chief Product Strategy Officer at Allica Bank, discussed the unique challenges faced by "established SMEs"—businesses that are too large for traditional small business banking but too small for corporate banking. He highlighted Allica Bank’s commitment to providing tailored financial services to this often-overlooked segment of the economy, which plays a crucial role in local economic development.