More entrepreneurs needed 'to unlock opportunities'

24 Dec 2024

The Federation of Small Businesses (FSB) has stated that half a million new entrepreneurs are required in the New Year to 'unlock opportunities' and stimulate economic growth.

The FSB has called on the government to set a target of supporting and encouraging 500,000 more small businesses to exist by January 2028. This, it says, would take the small business community back to its pre-pandemic size of six million.

According to the FSB, changes to the benefits system should be implemented to help increase the number of people moving from unemployment to self-employment.

By addressing existing barriers, the government could unleash much-needed new and dynamic entrepreneurship, and in turn grow local economies in communities right across the UK, the business group added.

Tina McKenzie, Policy Chair at the FSB, said: 'Replenishing the small business community to its pre-pandemic size of six million is also a no-brainer for the economy, which is why the government should commit to a target of 500,000 more small businesses existing by 2028 – and follow our evidence-based recommendations to achieve that.

'This would not only be good for growth overall, but also crucial for local economies, communities and individuals in all parts of the UK.'