Goldman Sachs published their The Growth Agenda report last week, highlighting ideas from small business owners that could help boost the UK economy.

The report examines several key areas affecting small businesses and presents ideas that may drive growth. The main areas discussed include:
• Access to finance
• Talent and the workforce
• Artificial intelligence
• Taxation & trading
• International markets
• Infrastructure
• Climate transition

For each area, the report outlines the primary challenges and suggests key ideas to help mitigate them.

These ideas have been condensed into a two-page Key Calls to Action summary. The recommendations are categorised as follows:

  • Quick wins – straightforward initiatives that could be introduced relatively easily

  • Momentum builders – initiatives requiring time and investment

  • Fundamental changes – ambitious ideas and major transformations

As examples, the report suggests expanding R&D credits to cover AI implementation and training as an incentive for businesses to adopt AI. It also proposes a reform of business rates to protect property-intensive sectors.

Whether these policy ideas will come to fruition remains to be seen. However, the government has confirmed that it will consult on establishing the Business Growth Service announced in December. This will serve as a one-stop shop, providing government advice and support to small businesses and assisting with raising finance.

To review the full report, visit: https://www.goldmansachs.com/images/community-impact/10000-small-businesses/uk/news-and-programme-information/generation-growth-the-growth-agenda/Report.pdf