THERE has been good news about employment nationally. On 12th June, the Office of National Statistics recorded that there are 432,000 more people in work now than there were in June 2012.

For students who are about to graduate from higher education, or for those leaving school this summer, there was encouragement, because there has been a marked fall in youth unemployment. All in all, there are now more people in work in the UK than ever before.

Alongside this, the former Cabinet Minister, Lord Young, published his second report on business this May. The aim is to encourage people to set up and run their own businesses, because this sector is a key area for economic growth.

There are 4.8 million businesses in the UK – that is six times the number that there were in the early 1970s. Of the 4.8 million, though, 3.6 million are one-person enterprises, which do not employ anyone else.

The report Growing Your Business, points out that, if the 1 million micro firms which employ between one and nine people took on just one more employee, then it would transfer the UK economy. If some of those 3 million plus one-person enterprises took the step to become employers, by taking on one other person, then that too would have a transformative effect.

Lord Young’s report shows that there are a lot of small businesses which have the potential to grow, but some lack the confidence to make it happen. The Start-Up Loan scheme for businesses is already up and running. Since it began last autumn, the scheme has made 3,768 loans worth around £16 million. The loan is typically around £4,500 and it includes mentoring support for the applicant.

For entrepreneurs looking to expand their businesses, the latest report proposes a Growth Voucher programme, worth about £30 million. This would help small firms to get advice and help about expanding their workforce, developing marketing skills and financial management, and growing online.

There are business case studies as inspiration and a summary of help for those who want to make their small businesses grow.

The full report can be accessed on: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/198165/growing-your-business-lord-young.pdf