Government funding for business support after Brexit should target areas like the North East, a business organisation says. Sharing Prosperity, a new report from the Federation of Small Businesses (FSB) and the Enterprise Research Centre (ERC), calls for business support to be targeted at more deprived areas across the country, where firms have lower turnover. Ministers have said they will create a UK Shared Prosperity Fund after the UK leaves the EU with the aim of raising productivity in areas like the North East and the Tees Valley. The FSB’s report has called for current funding levels for business support to be maintained after Brexit, and to focus on factors including productivity, social impact on communities, modernising business practice and decarbonisation targets, as well as job creation. Replacing EU funding is a key concern for a number of business groups in the North East. The region benefited from the £160m Finance for Business North East Fund, which created almost 4,000 jobs and safeguarded another 3,500 with funding from Europe. Its successor, the £120m North East Fund, launched earlier this year and has already given support to a number of companies. FSB chairman Mike Cherry said: “As the UK leaves the… Read full this story
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