Small business leaders say support for smaller firms will be crucial to levelling up the North.
A report by the Federation of Small Businesses (FSB) calls for action on infrastructure, green investment, skills and funding to help SMEs across the North to fulfill their potential and boost the region’s economy. The report - called An Entrepreneurial North - says that small firms account for almost 20% of the Northern economy, but argues that previous attempts to spark growth in the region have focused on larger global businesses.
It says backing for locally-owned Northern SMEs would create longer-term employment prospects, but needs “effective and meaningful interventions delivered to nurture an entrepreneurial culture”.
