FSB Ask for Help for SMEs with new tech adoption

The Federation of Small Businesses (FSB) has urged the Government to support small enterprises, including those in the motorsport industry, in adopting new technologies, as their research shows that these businesses have less access to government funding compared to corporate giants. The FSB's report, titled "The Tech Tonic," reveals that 70% of tech-savvy small ventures have integrated new tech innovations, resulting in a 15% average revenue rise. However, affordability remains a major barrier to innovation, with the average cost of introducing new technology for small firms being £27,000 over three years. The FSB urges the Government to allocate over half of direct R&D funding to SMEs and establish a tax-relief scheme for businesses actively trying to enhance their products and processes. The British Chambers of Commerce also echoes these calls, urging politicians to spur economic growth by addressing high interest rates, inflationary pressures, and other key issues.

Back To Top
admin@harrisandco.biz