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- Fundamentally reforming the outdated business rates system, including switching to annual valuations.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.
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Email Jaime“Equally, the unequivocal commitment to end our £2.5 billion late payment crisis is vital. Ending the UK’s endemic poor payment culture has to be a top priority for whoever takes the reins at the Business Department later this year.
“Our recommendations regarding the apprenticeship levy and Making Tax Digital are also on show today.”
Cherry added, “But urgent clarity is needed around how Labour plans to protect small firms with moderate turnovers from its proposed changes to dividend taxation. The party promised that no business owner making less than £80,000 would be targeted if it wins power. But, as things stand, it’s hard to see how that will be the case.
“If this party wants to show it’s on the side of small businesses, it needs to clear up this situation, and fast.”
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