UK: The Railway Industry Association has welcomed the Backing Your Business Our Plan for Small & Medium Sized Businesses policy paper published by the Department for Business & Trade.
This sets out the long-term direction for the government’s support for smaller firms, aiming to focus on growth and productivity and improving the operating environment to start and run a business.
‘We welcome the decision to improve SME’s understanding of export opportunities available and growing access to export finance, particularly as skills and expertise within the UK rail supply chain are currently under pressure’, said Cath Leech, Chair of RIA’s SME Group, on July 31.
’Additionally, the decision to make it easier for smaller firms to win government contracts will not only benefit SMEs, but will also allow the supply chain to have greater access to the high-value specialisms they provide.
‘A reduction in late payments will be vital to supporting SMEs by giving them secure cashflows, but this must be implemented correctly to ensure that small businesses are protected if they raise concerns over late payments.’
Small and medium-sized enterprises make up more than 60% of RIA’s 450 members across the rail supply chain.
