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Hundreds of small businesses will benefit from government investment of £95 million to help boost growth and rebalance the economy.

The funding is expected to create at least 4,000 jobs and unlock around £500 million of new investment by small and medium businesses (SMEs).

RBS, NatWest and HSBC have agreed to facilitate the distribution of the £95 million - which is part of the government’s Regional Growth Fund. RBS and NatWest will facilitate £70 million and HSBC will facilitate £25 million. The banks will not profit financially from the administration of these schemes.

Through these schemes small businesses, which are unable to secure commercial funding for their project, have the potential to benefit from government support through the banks’ regional networks in order to make their project commercially viable. The schemes announced today will provide grants to support SMEs considering investing in new capital assets and creating new employment.

The RBS and NatWest scheme is called the regional growth fund and will distribute £70 million.

The HSBC scheme is called the Assisted Asset Purchase Scheme and will distribute £25 million.

The funding will support new job-creating investment by SMEs across England, in particular parts that have become over-dependent on the public sector. 100 per cent of the RGF funding will be provided as grants to SMEs with the banks employing their regional networks to administer the schemes on a pro-bono basis.

SMEs can qualify for a grant if they are going to invest in new capital assets, such as plant and machinery, and create new jobs – and cannot get normal bank finance.

- Grants of up to £500,000 will be awarded alongside the award of a new bank loan on commercial terms.
- To qualify for the NatWest and RBS scheme, SMEs need a turnover of less than £25 million.
- To qualify for the HSBC scheme the SME will need a turnover of less than 50 million Euros.
- The banks will not earn any fees to administer the scheme. Interest earned on any funds held on the bank’s balance sheet must be used for beneficiary grants or returned to the government.

The government’s Regional Growth Fund is a £1.4 billion fund supporting projects that can create jobs, are based in areas dependent on the public sector and are supported by private sector investment.

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The CBI today called on the Government to introduce a new tax incentive to encourage companies to take on young unemployed people, as part of a package of measures aimed at boosting employment across the UK.

Against a backdrop of rising unemployment and with one in five young people currently out of work, the CBI is launching a new report Action for jobs: how to get the UK working. Among the measures it calls for is a new Young Britain Credit worth £1500 for firms taking on an unemployed person aged between 16 and 24 years. This would cover the first year’s National Insurance for employers, cost £150 million a year, and is affordable within the context of the Government’s deficit reduction plans.

Other proposals include: creating around 450 business ambassadors, one for each local area, to strengthen links between schools and businesses using successful schemes that build long-term partnerships; introducing a comprehensive “readiness for work” assessment for every unemployed person; and suspending, rather than completely cancelling benefits when someone initially takes a job to reduce the perceived risk of taking a short-term post.

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Tory minister Chris ­Grayling has made another major gaffe, telling the jobless to get a job as a postman over Christmas to help “give you an idea of the kind of career you want”.

With Britain’s 2.57 million unemployed (at a 17 year high) the Royal Mail has seen their 18,000 Christmas vacancies inundated by 80,000 applications already.

The jobs are minimum wage of £6.08 an hour and would cost applicants their Jobseeker’s Allowance if they worked more than 16 hours a week. They would have to reapply after Christmas… then wait about 10 days for the benefit to start again.

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Ministers urge businesses to help tackle employment law, bureaucracy and red tape in the latest phase of the Employment Law Review.

For the next three weeks the Red Tape Challenge will focus on more than 160 different cross-Government employment related regulations that businesses have to deal with.

The campaign asks how regulations can be improved, simplified or even abolished, whilst also ensuring that the current standard of employment rights for employees are maintained.

Business Minister David Willetts said:

“Businesses regularly tell us that the burden of regulation is too high. So today we are giving them a chance to tell us exactly which rules they think need to be reformed.”

So they are fit for purpose and easier for businesses to understand, examples of regulations you can comment on include:

Rules on collective redundancies.
Employment agencies.
Immigration checks.
The National Minimum Wage.
Statutory sick pay.
Employment Relations Minister Edward Davey said:

“We often hear from businesses that employment related regulation holds them back from growing their firms and employing more people.

“Whether it is the filling out of endless forms when you hire your first member of staff, the complexities of letting somebody go, or simply manage staff on a day-to-day basis, we want to review these regulations with the aim of giving business more confidence in employing people and creating more jobs.

The Employment Law Review is a Parliament long review looking at all aspects of employment law.

A discussion paper, entitled ‘Flexible, effective, fair: Promoting economic growth through a strong and efficient labour market,’ has also been published today. This paper sets out the principles that are guiding our approach to reform of the labour market framework along with a number of thematic questions.

Edward Davey added: “We are determined to tackle unnecessary, burdensome red tape that harms job creation and means employers spend less time running their business.

“But this does not mean this will result in a watering down of employee rights. Today we are launching a real debate with employers and employees, to listen to their thoughts and act on what regulations can be simplified, merged and abolished. This is your time to get involved and have your say on your employment law bugbears.”

The Government will publish the results of the employment related law Red Tape Challenge theme later this year.

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The Report on Jobs published today by the REC and KPMG shows that permanent staff placements rose in August at a modest pace that was identical to that recorded in the previous month. Similarly, growth of temporary staff billings held broadly steady since July.

The key points in the Report this month are:

Further moderate increases in permanent placements and temporary billings
Growth of vacancies continues to ease
Weakest rise in permanent salaries for 22 months
Strongest rise in permanent candidate availability since January 2010
Although demand for staff continued to rise in August, the latest increase in overall vacancies was the slowest in nine months. Weaker rates of expansion were signalled for both permanent and temporary vacancies.

Permanent staff salaries increased only marginally and at the slowest pace for 22 months in August. Inflation of temporary staff hourly pay rates quickened to a three-month high, but remained weak compared with the survey’s historical trend.

Recruiters indicated another rise in the availability of staff during August. Permanent candidate supply improved at the fastest pace since January 2010,

For more information, visit the REC site

REC site.

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