Rishi Sunak will unveil a “help to grow” scheme for small and medium-sized enterprises (SMEs).
In order to boost the economy following the pandemic, the chancellor has plans to offer a £520m MBA-style management training to spur growth.
“Our brilliant SMEs are the backbone of our economy, creating jobs and generating prosperity – so it’s vital they can access the tools they need to succeed,” said Sunak.
“Help to Grow will ensure they are embracing the latest technology and management training, fuelling our plan for jobs by boosting productivity in all corners of the UK.”
Business schools will offer free tuition and mentoring to businesses over twelve weeks, as well as an online platform that will offer advice on new technology to “help businesses to save time, reduce costs, and reach more customers.”
Federation of Small Businesses chief Mike Cherry commented on the move: “We have argued that the UK’s productivity challenge needed practical changes to help small businesses to improve their operations and drive efficiency and growth.
“This means more of a ‘new-to-firm’ approach for innovation, such as helping small businesses access things such as the cloud where currently less than half (40%) use cloud services,” he added.
SMEs that are eligible will be given vouchers to get up to 50% off new productivity-enhancing software, which cost up to £5,000 each.