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Select committee: Business, Innovation, Science and Trade Committee

Conclusion 60

15th Report – Small business strategy Published 11 Feb 2026 Addressed to Department for Business and Trade

Business, Innovation, Science and Trade Committee Small business strategy All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗

Conclusion (the committee's words)
The Government will not be able to deliver change for businesses unless it is able to accurately track and monitor business activity. Current Standard Industrial Classification (SIC) codes fail to identify and define sub-sectors of economic activity. Under these classifications, hair and beauty are represented as one industry and identified as the same type of service as launderettes or funeral homes. Such distortions fail to adequately represent the reality of contemporary business activity. (Conclusion, Paragraph 210)

From: Business, Innovation, Science and Trade Committee, 15th Report – Small business strategy (HC 1057), 11 February 2026

Government response

No government response linked yet: deadline 11 April 2026, 204 days ago.