Conservative response to Labour’s late payments release

Andrew Griffith MP, Shadow Business Secretary, said:

“Cracking down on late payments will be welcome for small business but will mean nothing for the 218,000 businesses that have closed under Labour.

“The reality for businesses under Labour is a doubling of business rates, a £25 billion Jobs Tax and a full-on strangulation of employment red tape.

“Only the Conservatives are on the side of the makers and will support businesses across Britain to create jobs and wealth.”

Notes to Editors

• Over 218,000 businesses have closed on Labour's watch. In Q3 2024 65,255 businesses closed, in Q4 2024 69,275 businesses closed and in Q1 2025 83,425 businesses closed. Therefore, since Labour came to power 217,955 businesses have closed (ONS, Business demography, quarterly, UK: January to March 2025, 29 April 2025, link).