With the Labour Party making a pledge to help out the UK’s SMEs, the Federation of Small Businesses has responded.
Key factors of the 20-point plan include:
- A £250 billion UK National Investment Bank and network of Regional and National Development Banks to give small businesses and the industries of the future the funding they need.
- Stamping out late payments that hit smaller businesses.
- Providing free full fibre broadband to every business premises.
- Giving SMEs access to funding for training raised through the Apprenticeship Levy.
- Scraping quarterly reporting for businesses with a turnover of under £85,000.
- Using government procurement to support SMEs and economic growth.
- Fundamentally reforming the outdated business rates system, including switching to annual valuations.
FSB National Chairman, Mike Cherry, said, “There’s no shortage of ambition when it comes to Labour’s business pledges. The party has put forward a huge amount to welcome today, and it’s particularly good to see it embracing our call for a UK small business development agency based on the streamlined support model we see in the US.