Labour shadow business secretary Chuka Umunna said he wants the abbreviation SME to be “banished” when talking about businesses.
The suitability of the term SME to describe small-to-medium-sized businesses has long been debated, especially on our sister website BusinessZone.
Speaking to Economia at the Google campus in Tech City, Umunna apologised to attendees at the Labour next generation entrepreneur event for the use of the term.
“You’re probably thinking, why apologise?” he said. “But I think we too often use that phrase and lump a rich variety of businesses together into one and talk about them as if they are all the same, when actually, they’re very different.