Business Growth Strategy - National Business Growth Policy

Growth is the number one mission of this government, and the Government’s Modern Industrial Strategy is central to that mission. The strategy aims to respond to rapid changes in the global economy and provide a launchpad for businesses. 

The strategy focuses on eight growth-driving sectors and developed targeted Sector Plans for each. The West Midlands is one of only two areas in the UK that is formally recognised as a region of strength across all eight national priority sectors.

The Government’s ‘Backing Your Business’ Small Business Plan outlines its strategy to help strengthen small and medium sized businesses (SMEs). The Plan sets out a long-term direction for the government’s support for smaller firms, across all sectors. The Plan outlines that if SME growth increased by one percentage point a year, it would deliver £320 billion to the economy by 2030. In short, SMEs are vital for a strong economy. 

The Plan launched the Business Growth Service, designed to be a nationally recognised brand for business support in the UK, delivered locally through the Growth Hub Network. Central to the new service is the recognition that the business support landscape is too complicated, and that SME uptake of business support has fallen from 49% in 2010 to 26% in 2023.