UK launches initiative to convince small businesses sustainability boosts profits

The UK Government is backing a new project aimed at proving to small companies that sustainability is good for business. 

The Willow Review, launched today, will conduct market research and analysis to “demonstrate how sustainable practices can lead to cost savings, improved market competitiveness, and new revenue streams for small businesses”. 

Its final report will make recommendations to policymakers, and provide guidance and case studies for companies to encourage them to become more sustainable.

The initiative has been launched by the trade association Small Business Britain, and is backed by the UK’s Minister for Services, Small Businesses and Exports, Gareth Thomas, and the head of sustainable finance at Barclays’ retail banking arm, Nick Stace.  

The Willow Review arguably marks the new UK Government’s first foray into sustainability in relation to small companies. When Chancellor Rachel Reeves gave her Mansion House speech earlier this month, she focused on decarbonising the national economy via financial markets and prudential regulation, but small businesses account for around 99% of the country’s companies.