UK small businesses are bracing for a potential crisis as the UK Shared Prosperity Fund (UKSPF) is set to end in March 2025. This fund has been vital in financing local regeneration, supporting start-ups, and creating jobs. With no current plan for its extension, business leaders, including Stephen Kelly, CEO of Sage, are warning of a significant “cliff edge” that small businesses may face.
Kelly highlights the urgent need for government action to provide timely information and support to prevent detrimental impacts on local economies. Without a clear successor to the UKSPF, the uncertainty may lead to economic disruptions, hampering business growth and innovation.
Richard Jeffery, national director at The Growth Company, emphasises the deep benefits that business support brings to local areas. He notes that a thriving business base can solve many broader challenges, such as job creation, innovation, and overall economic health.
The end of the UKSPF poses a significant challenge, and there is a pressing need for government and technological solutions to support small businesses through this transition. For more details, you can read the full article here.
