SMEs in Blackburn, Hull, Sunderland and Liverpool are particularly under pressure, while cities such as Crawley, Cambridge, Aldershot and Reading are more insulated from job losses and pay cuts in the locality.
Centre for Cities provides a “health check” of SMEs by evaluating cases on a city-by-city basis and, as 99 per cent of businesses in cities are SMEs, their health is of critical importance for the growth of the economy.
Echoing what has been said by Government ministers, Alexandra Jones, Chief Executive of Centre for Cities, said that SMEs are the lifeblood of the UK’s economy but that many have been particularly affected by the impact of the recession on their local economies.
She added that the Government must recognise the importance of local economies to SME performance and resilience and should ensure that local partners, including Local Enterprise Partnerships, have a clear role in delivering national business support policies.
Ms Jones said that high quality, evidence-based Local Growth Plans will be critical to helping UK cities navigate the bumpy road of recovery, while support from national organisations, such as UK Trade & Industry (UKTI), as well as local partners, will be vital to helping SMEs diversify their customer base and even move into exports.
Amongst the think tank’s recommendations are a simplification of the “confusing” mix of business support and work with Local Enterprise Partnerships and a move towards more “effective ways” of encouraging SMEs to access relevant support.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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