Luke Myer, Member of Parliament for Middlesbrough South and East Cleveland, has welcomed the Government’s new Small and Medium-Sized Enterprise (SME) Strategy, a major national plan to support Britain’s 5.5 million small businesses and drive growth across towns and high streets.

The strategy introduces the strongest legal protections in the G7 to end the late payment crisis, which costs the UK economy £11 billion a year and forces dozens of small firms to close every day. New legislation will cap payment terms at 60 days, with a further reduction to 45 days within five years, and will give the Small Business Commissioner new powers to fine large companies that fail to pay suppliers on time.

Alongside this, the package includes:

• £4 billion in new finance, including 69,000 Start Up Loans
• A £3 billion expansion of the British Business Bank’s ENABLE programme
• A revamped Business Growth Service to help firms scale, export and innovate
• Measures to protect entrepreneurs from excessive personal guarantees
• Support for high streets through High Street Rental Auctions to fill vacant shops
• A permanent business rates cut for retail, hospitality and leisure from 2026
• New Hospitality Zones to simplify licensing and boost the night-time economy

This SME Strategy forms a central pillar of the Government’s Plan for Change, sitting alongside its industrial and trade strategies to deliver long-term, sustainable growth.

For Teesside, the measures aim to support independent retailers, hospitality venues, creative businesses, and the region’s growing network of start-ups and sole traders — many of whom face tight margins, rising costs and unfair payment delays.

Luke has made support for small businesses a priority in his work as MP, running a regular Small Business Spotlight on social media to showcase local entrepreneurs, hosting the Federation of Small Businesses in Parliament to ensure their voices shape policy, and campaigning for SMEs to access major industry supply chains — including in sectors such as defence, advanced manufacturing and clean energy.

He said the new package would help create a more level playing field and strengthen high streets across East Cleveland, Guisborough, and across south Middlesbrough – from Marton Shops to the Parkway Centre.

Luke Myer said:

“Small businesses keep money in our local economy, support skilled jobs and give our high streets their character. Ending the late payment crisis, unlocking finance and reducing unnecessary barriers will make a real difference to firms across Teesside.

“This strategy gives entrepreneurs the backing they need to grow, invest and thrive — it’s exactly the kind of long-term support people in our area expect, and it’s good to see Government delivering it.”