The incoming president of the UK’s leading accountancy body has told the West business community that more needs to be done to support small and medium-sized firms.
Speaking at the Institute of Chartered Accountants in England & Wales’ (ICAEW) annual regional dinner last week, Arthur Bailey said the organisation will step up its support for the small business sector ahead of the next year’s General Election.
He told the dinner in Bristol, which was attended by accountants and business figures from across the region: “Recent media reports still show that too many SMEs [small and medium-sized enterprises] are in distress – a particular concern in the South West which has a heavy reliance on the sector to drive its economic growth.
“We’re lobbying the Government to help SMEs prosper. We want Government to underwrite loans for SMEs that have been operating between two and five years. These businesses are at what we call the critical growth stage but typically find it harder to raise funds than start-ups or more established businesses.
“We think that this intervention would help foster the next stage in their development, allow them to invest in new products and services and perhaps even hire some new employees.
“We’re also suggesting too that the Government should help SMEs export more, through offering better export finance.”
Law firm Thrings, which has an office in Bristol, and Lloyds Bank sponsored the dinner. The guest speaker was explorer, fundraiser and author Sir Ranulph Fiennes who enthralled the audience with a candid account of his life and extraordinary exploits as a member of the SAS and as a polar adventurer.
Pictured, from left: ICAEW West of England President Geoff Gollop, guest speaker Sir Ranulph Fiennes and Arthur Bailey, ICAEW president-elect
