SMEs believe government needs to build on King’s Speech with sharp action

SMEs are urging the government to take the opportunity to build on the King’s Speech in the upcoming Autumn Statement.

Responding to the King’s Speech, which was delivered earlier this week, Federation of Small Businesses (FSB) National Chair Martin McTague, explained, “The King’s Speech comes at a crunch time for the economy. The Chancellor now has a good opportunity to build on the King’s Speech with clear, sharp action in the upcoming Autumn Statement.

“The emphasis on steering inflation back to its target underscores the need for prudent decision-making.

“Equally crucial is taking action on late payment, under pressure sectors and the advancement of skills. It’s important for the Autumn Statement to empower the self-employed to deduct training expenses from their taxable income so the UK can keep pace with economic and technological change.”

Martin added, “Small firms are on tenterhooks for other favourable policy announcements. They want to see the SME-focused 75 per cent business rates relief for firms in the retail, hospitality and leisure sectors continue.

“This lifeline is set to vanish in March and its absence could leave a devastating blow to those already struggling to stay afloat. Similarly, the much-anticipated business rates reform cannot remain in limbo.

“After the first King’s Speech in 70 years, all eyes are on the Autumn Statement to champion the cause of the UK’s 5.6 million strong business community.”

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