The Queen's Speech announced a legal duty on the government to produce an annual progress report on the 12 levelling up missions

Luke Davis, CEO of IW Capital, discusses the importance of the levelling up strategy and how small businesses can gain extra funding from private investors

The launch of the 'Levelling up' strategy, unveiled by Michael Gove earlier in the year, aims to improve services such as education, broadband and transport. The levelling up missions include: to increase pay, employment and productivity in all areas of the UK and raise public investment in research and development outside the south-east of England by 40%. In The Queen's Speech on Tuesday 10 May, it was announced there would be a legal duty on the government to produce an annual progress report on the 12 levelling up missions, with the strategy being described as 'extending opportunity across the UK'.

The strategy intends to provide UK small businesses outside of London with the same opportunities as SMEs based in the capital, thus growing and diversifying the UK business sector. Britain has become a hub for small businesses as latest government statistics show that 1,800 companies are being set up every day, with London and the south-east being the most popular places to start a business.

Regional businesses will be buoyed by this announcement and will be looking for further investment to grow. With a recent study from IW Capital showing that 16% of UK investors are looking to back start-ups and newly formed businesses, it seems they will be given a platform to continue the success and progression of their companies. The community and investors are ready to back small businesses throughout the UK and they are ready to maximise this exciting opportunity.

Luke Davis, CEO of IW Capital discusses:

“The levelling up agenda was welcome news for regional businesses earlier in the year but ultimately much of the actual work will be done by the ambitious eco-system of entrepreneurs and investors that the UK is already famous for. We have taken steps towards this and actively invest in the regions already, with plans to hire regional investment directors to ensure that areas outside of London and the south-east are treated just as seriously as a hotbed of investment potential.

"The business sector in Britain is an extremely exciting environment right now. With the levelling up strategy announcing plans to grow businesses throughout the UK, not just in London, it seems to be an exciting time for small business owners in the UK. The regional development for SMEs is crucial in the UK and IW Capital are actively looking to invest into regional small businesses and provide them with equal opportunities to thrive as London businesses have.

“Small businesses and SMEs throughout the UK have, in many cases, pivoted and grown throughout the past two years which has been truly inspiring to see. SMEs and the individuals that run them are incredibly inventive and versatile with their companies and making sure they are at the forefront of the UK business scene. It is therefore hugely encouraging to see that consumer and investors alike are recognising that small businesses have now become an indispensable part of the UK economy.

“There is a huge amount of ambition and talent throughout the UK small business ecosystem, and it is exciting times for SMEs, both from an investing and business standpoint. At IW Capital we are always searching and looking to invest in small businesses in their growth journey to provide them with the opportunity to thrive and succeed.”