‘What we need is a more efficient tax system that can be used to incentivise companies and less red tape – as this is a huge deterrent for a lot of small businesses,’ he says.

Campbell says SMEs should also be taking measures to stay buoyant in the current climate.

‘It’s going to be very difficult over the next year for business, but the major advantage of small businesses is their flexibility.

‘They need to focus on customer services, plan ahead, do things like look for cheaper suppliers and believe in their own resilience.’

Campbell says he will be spending the year working closely with the Bright Ideas Trust, which helps young people aged 16 – 30 to set up and run businesses.

‘Because of my background, helping young people from socially excluded groups learn about enterprise is something I really care about,’ he adds.