£1.5 million fund launched to give small firms productivity boost
Construction companies could be among the firms to benefit from a new £1.5 million fund set up to help small businesses boost productivity. This is part of the UK Futures Programme, which is run by the UK Commission for Employment and Skills (UKCES).
According to the latest government figures, the UK has the lowest levels of productivity of all the G7 nations except Japan, with output rates here 20% behind the average for other advanced economies.
And economic observers say this is bringing down UK competitiveness, earnings and the ability to generate higher growth.
In order to combat this, so-called “anchor institutions” will be able to bid for a share of the UKCES money if they are based in areas where productivity is flagging and can prove they have innovative ideas about how to lift productivity.
Anchor institutions are classed as organisations with a strong local presence that make a key contribution to the local economy and include universities, banks and local enterprise networks.
It is hoped the anchor institutions will then be able to support firms by running leadership and entrepreneurship projects that will last for a minimum of 12 months from this August.