The UK government is hosting one of its largest-ever export conferences, with about 1,000 business leaders attending the UK Trade and Export Finance Forum, to discuss ways of reducing financial barriers to exporting and promote the growth of small- and medium-size entities (SMEs), a news release said.
The conference looks to address ways UK businesses can access international opportunities, the release said. The event, hosted by UK Export Finance (UKEF), aims to enable collaboration between government and the private sector to help a wider range of businesses export goods and services.
“Export finance support complements other actions which the government is taking to support SMEs, like measures tackling the scourge of late payments, the launch of a Business Growth Service, and trade agreements generating new opportunities,” the release continued.
As part of its campaign to support SMEs, the UK Financial Reporting Council (FRC) also looks to break down barriers to small business growth, a news release said. The regulator has launched a market study examining how effectively the audit market serves SMEs.
The study marks the first phase of the FRC’s broader campaign to support UK SMEs, the release said. The FRC looks to make audit services more accessible and help small businesses secure the capital needed to grow and scale their business.
The FRC is aware of “concerns about the availability and cost” of audit services for these businesses, the release added. The regulator also hopes its campaign will reduce reporting burdens for SMEs where possible.
FRC supports development of the sustainability assurance market
The rapid growth of the UK’s sustainability assurance market has sparked concerns over the quality and consistency of sustainability reporting amid growing demand for this information.
In a new report, the FRC sets out targeted actions to support the market’s development of assurance of sustainability reporting.
According to a news release, the three recommended actions from the FRC are:
- Establish a clear UK policy framework for sustainability assurance that provides medium-term certainty for providers and reporters, supports investment, and aligns with international frameworks where appropriate.
- Create a unified regulatory regime that consolidates standard-setting, oversight, enforcement, and market monitoring to maximise certainty for companies, providers, and investors.
- Improve the calibre of available information on the quality of sustainability assurance to support how the assurance market functions.
The findings look to provide a baseline of understanding that the FRC will continue to build on in order to support stakeholders as demand continues to grow, FRC Executive Director Mark Babington said.
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