Chancellor Rachel Reeves set out her plans at this week’s Regional Investment Summit in Birmingham to help 10,000 firms qualify for simpler corporate reporting rules. In addition, she pledged millions of government investment in regional projects to help stimulate growth.

The NFB, which has long advocated for more support for SME builders, has welcomed these steps.

“Today’s small businesses are tomorrow’s regional and big businesses,” said Richard Beresford, CEO at the NFB.

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“Removing disproportionate regulation, reporting and form filling is vital in helping them establish themselves and grow."

In agreement was NFB head of policy and market oversight Rico Woljtulewicz who reflected on this as proof the government “is clearly listening.”

Rico added: “The chancellor’s announcement might not be glamorous or make headlines, but it will help the government analyse and plan what needs to change.

“This is the start of the long-term modernisation strategy the nation desperately needs.”