Theresa May hails small business as the ‘backbone of Britain’ and vows to help them make the most of Brexit

THERESA May has vowed to help small firms and sole traders make the most of Brexit as she hailed them as the “backbone of Britain”.

The PM’s pledge came as she gathered together entrepreneurs and hard-working small business bosses at Downing Street today to hear their hopes and fears as the UK cuts ties with Brussels.

She said: "From dynamic start-ups to established family firms, our small and medium sized businesses are the backbone of our country.

"I want to build an economy that works for all, and that means working with, and listening to, smaller firms.

"I also want those firms, across all the sectors of our economy, to be able to take advantage of the opportunities presented by Brexit, such as exporting to new destinations."

And today the Bank of England gave them a borrowing boost by cutting interest rates to historic low levels.

Mrs May says small businesses are key to her aim of building “an economy for all”.

Speaking before the meeting, Federation of Small Businesses boss Mike Cherry told The Sun they would demand access to European markets, the ability to hire the right people and new drive to cut red tape.

Calling for a “re-set” in the relationship between business and Government, Mr Cherry added: “Now more than ever, UK economic growth rests on the future success of our small businesses.”

Mrs May, who yesterday visited a joinery manufacturers in New Addington, Surrey, is keen to boost exports to help keep the economy booming as free trade deals are forged around the world.

She said last night: “This isn’t about dry economics. Britain’s 5.4 million small and medium sized businesses provide people with jobs, put food on families’ tables and underpin the strength of our economy.

“I also want those firms, across all the sectors of our economy, to be able to take advantage of the opportunities presented by Brexit.”

Small firms are among the winners of the Bank of England making its first interest rate cut for seven years today.

The interest rate cut will make borrowing cheaper but bring more misery for savers who are already seeing nest eggs eroded by inflation.

Meanwhile the EU’s director general for trade warned the bloc’s firms and industry will be “close to death” if a deal with Canada falls through.

Jean-Luc Demarty said Brussels would have a “big credibility problem” if the agreement collapsed.

Canada is one of nearly 30 countries that has said it wants a post-Brexit deal with the UK.

In a separate intervention, World Bank president Jim Yong Kim blamed Brexit for lowering global growth forecasts.