Interim Management Statement

BLACKROCK SMALLER COMPANIES TRUST PLC

Interim Management Statement-3 months to 31 May 2008

To the members of BlackRock Smaller Companies Trust plc

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 March 2008 to 31
May 2008, and contains information that covers this period, and up to the date
of publication of this interim management statement. Please note more detailed
performance information, in particular the March, April and May 2008 month end
announcements are available on the Manager's website - www.blackrock.co.uk/its.

The Company invests mainly in smaller UK quoted companies, and seeks to achieve
long term capital growth for shareholders. The Company is managed by Mike
Prentis of BlackRock.

Stock Performance

Cumulative Performance (%):

                                  One      Three        One     Three      Five
                                                                               
                                Month     Months       Year     Years     Years
                                                                               
Net Asset Value                  6.0%       8.0%      -9.6%     67.6%    162.9%
                                                                               
Share Price                      9.4%       8.1%     -11.6%     76.0%    187.7%
                                                                               
HGSC ex Investment Trusts        1.1%      -1.5%     -21.5%     14.3%     55.8%
& AIM*                                                                         

*With effect from 1 September 2007 the Hoare Govett Smaller Companies plus AIM
(ex Investment Companies) Index replaced the FTSE SmallCap Index (ex Investment
Companies) as the Company's benchmark. For one year, three year and five year
periods above the index has been blended to reflect this.

All performance figures are in £ on a capital only basis.

TenLargest Equity Holdings(in alphabetical order)at 31 May 2008

Albidon

Aveva

Chloride

Connaught

Dechra Pharmaceuticals

Hill & Smith

ITE

Rathbone Brothers

Spirax-Sarco

Victrex

Financial position and performance as at 31 May 2008

Gross Assets (£m)*                                      230.0
                                                             
Short term borrowings (£m)                                Nil
                                                             
7.75% Debenture 2022 (£m)                                14.8
                                                             
Net asset value-capital only (at par)                 437.19p
                                                             
Net asset value-capital only (at fair                 440.49p
value)                                                       
                                                             
Net asset value- cum income (at par)                  442.95p
                                                             
Net asset value- cum income (at fair                  439.65p
value)                                                       
                                                             
Share Price                                           367.50p
                                                             
Ordinary Shares in Issue**                         48,509,708
                                                             
Actual Gearing                                           6.4%
                                                             
Discount to NAV***                                      15.9%
                                                             
Average Discount over the Period                        18.1%
                                                             
*Includes current year revenue                               
                                                             
** Excluding 1,483,815 shares held in                        
treasury                                                     
                                                             
***Calculated on a capital only (at par)                     
basis                                                        
                                                             

Material Events

The Company changed its name from Merrill Lynch British Smaller Companies Trust
plc to BlackRock Smaller Companies Trust plc with effect from 25 April 2008.
This was part of a global rebrand following the merger of Merrill Lynch
Investment Managers with BlackRock in September 2006.

Material Transactions

There were no material transactions during the period.

The Board is not aware of any significant events or transactions, except as
disclosed herein, occurring between 31 May 2008 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company. Latest information is available by typing, 
www.blackrock.co.uk/its on the internet, "BLRKINDEX" on Reuters, "BLRK" on
Bloomberg or "8800" on Topic 3 (ICV terminal).

Contact details:

Caroline Driscoll

Secretary

Tel: [phone]

16 July 2008