We have got used to recognising the role of innovation in generating growth and prosperity in all economies. At first, society heaped praise on individuals who led technological change (for example, Trevithick, Armstrong or Brunel). In the last 100 years, greater emphasis was given to larger firms and government policy to lead the “white heat… Read more
For a long time, the UK has produced many firms that perform poorly yet manage to survive. Various descriptions of these firms have been used. In recent debates about productivity for example they have been referred to as ‘the long tail’ of underperforming businesses. Shortening the long tail has been identified as a policy priority… Read more
Lorry drivers on tight schedules. Pet owners demanding more from their vets. Sales and service staff working from home with little access to office support. Archaeologists staying in hotels as a way of life. Hospitality staff working longer than contracted hours to make ends meet. Short-term contracts restricting access to finance. Ex-Army personnel with PTSD… Read more
Bouncing back from the Covid-19 crisis: reflections on mental health and resilience Firms that survive adversity often have the abilities, characteristics and actions of their employees to thank. As many reflected during Mental Health Awareness Week last week, it is worth remembering that the current crisis will undoubtedly have impacted upon the mental health of… Read more
It seems increasingly clear that the economic impacts of COVID-19 will be startlingly sharp for the UK and other world economies. The great unknown at present is whether the historic quarterly contraction we’re expecting to see in Q2 of 2020 is followed by a rebound, or a deep and painful recession. What’s also difficult to… Read more
Over the last decade, the landscape of SME finance has changed dramatically. In the aftermath of the financial crisis, while traditional bank lending experienced a sluggish recovery, a new model of online marketplace (P2P) business lending emerged. Funding Circle, started in 2010, was the world’s first P2P platform to fund business loans and seemed to… Read more
The Government’s various coronavirus support schemes aim to provide a safety net for both employees and the self-employed during the suddenly-imposed ‘lockdown’ period now affecting the UK economy. But while the headline measures announced by Chancellor Rishi Sunak over recent weeks – including the Coronavirus Job Retention Scheme (JRS) aimed at employees, Coronavirus Business Interruption… Read more
Earlier this week a report from the Institute for Fiscal Studies highlighted the vulnerability of different groups of the population to unemployment following the current crisis. Businesses also vary in terms of their crisis planning and resilience, and research has shown that SMEs are less likely to connect risk identification and business planning activities, which… Read more
Over the last few days we have seen some inspiring and innovative responses to the Corona Virus crisis by UK firms and universities. The JCB-Dyson collaboration to produce ventilators and the UCL-Mercedes AMG collaboration to develop other breathing aids are outstanding examples. Necessity is the mother of invention after all. But what of the wider… Read more
As in the UK, significant parts of small and medium-sized enterprises (SMEs) in Germany are affected by the corona virus pandemic. In this difficult economic situation, the Federal Government in Germany has sent a very positive signal with its comprehensive support measures targeted not only at large corporations, but also at medium-sized, small and micro… Read more
