One of the biggest challenges for the UK Government in supporting small firms is that many of the levers that matter to SMEs are devolved. That is certainly the case in its new strategy, Backing Your Business: Our Plan for Small and Medium-Sized Business, which sets out a long-term strategy to make the UK the best place to start and grow a business.

As a result, whilst it creates real opportunities for the Welsh economy if the two governments work together, there are also massive risks if they do not and the real test is whether the Welsh Government will ensure that the new UK schemes plug neatly into the Welsh support system to add real value to what is there already.

Fortunately, there are several measures that are genuinely UK-wide and will reach Welsh firms directly. For example, on finance, the expanded Start-Up Loans programme, increased capacity at the British Business Bank, and fresh equity pots should be accessible to entrepreneurs from Conwy to Cardiff. Trade support is also strengthened, with more support from UK Export Finance and a clearer push on SME exporting.

Tougher late-payment rules will also apply across the UK, helping cash flow more than any grant ever could if they are enforced properly whilst a new digital-first Business Growth Service promises a single, simple doorway to advice, which will be particularly valuable for rural and remote firms that struggle to access face-to-face help.

All of this is to be welcomed, but it will only deliver full value if it meshes........

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