MPs And Peers Have Hailed The Positive Impact Of SMEs At An FSB Event

Politicians from across the political spectrum have come together to hail the impact of SMEs on the UK's economy.

The Federation of Small Businesses (FSB) hosted event aimed to raise the profile of smaller businesses across the country and was attended by a number of well-known lawmakers.

Secretary of state for business Vince Cable was among those to speak to the audience, who were there to celebrate the launch of the International Festival of Business (IFB) held in Liverpool throughout June and July.

According to the FSB, the IFB will be the biggest event of its kind since the Festival of Britain, which was a post-war show of the UK's power in 1951 and is regarded as one of the most important events in the country's economic history.

The government-backed fair is expected to attract hundreds of thousands of people from across the globe and is likely to help SMEs to improve export figures and generate new sales leads.

Speaking to the audience, Mr Cable said: "The last few years have been difficult for small businesses. Our economy is now on the mend and recovery is well under way but there is a lot more still to do."
FSB national chairman John Allan believes the IFB will play a major role in improving the state of the economy.

"The businesses we represent will undoubtedly be at the forefront of the UK's economic growth and tonight is an excellent opportunity to highlight the need for a regulatory environment that enables our entrepreneurs to flourish," Mr Allan stated.

Helping SMEs to access export markets remains a priority for the FSB.

In April, the organisation revealed that 24 per cent of its members expect to improve their export numbers in the next three months, with manufacturers the most optimistic at 42 per cent, closely followed by wholesalers at 41 per cent.

According to the FSB, the main barriers to exporting are fluctuating exchange rates, difficulty finding customers and a lack of finance.

Expert Opinion

The Government’s backing of this FSB event highlights the huge emphasis that politicians are placing on small businesses to help drive the ongoing improvements being seen in the economy. <br/> <br/>"It is also welcome to see the IFB being held to demonstrate what the UK’s businesses have to offer, as well as the skills and talent that so many organisations possess. An event of this nature could bring important opportunities to small businesses and allow them to seek out new avenues for developing their operations. <br/> <br/>"We would urge any SMEs not involved to seek out how they can be, while they should also speak to legal advisers to get a steer on the key issues they will need to bear in mind when looking to take a step forward in their development." Fergal Dowling - Partner