It was a pleasure to welcome Prima Cheese CEO, Nagma Ebanks-Beni MBE, to Parliament yesterday. We were also joined by the Secretary of State, Rt Hon Jonathan Reynolds, who shared the government’s plans to support small and medium-sized businesses.

Prima Cheese, headquartered in Seaham, is a fantastic example of the kind of ambitious, growing business that is vital the East Durham economy. SMBs make up 99% of the UK businesses and are crucial for delivering growth and productivity.

It was fascinating to hear how technology can help tackle challenges like late payments, a key issue for many SMEs, and how smart solutions can improve cash flow and in turn drive growth and productivity.

Many tech solutions have emerged over the last decades that have significantly reduced payment times. Some examples are e-invoicing and making tax digital which not only saves businesses time, but it can also support cash flow and improve liquidity. If all UK SMBs digitised to the same level as the top 20%, an extra £232bn could be added to the economy every year, according to Sage.