Labour marks the tenth anniversary of Small Business Saturday by
hailing SMEs as the ‘heartbeat of the economy’ and reiterating
the party’s steadfast commitment to backing small businesses.
According to the Federation of Small Businesses, SMEs make up 99%
of the business population in the UK and create 16 million jobs.
Now in its tenth year, Small Business Saturday celebrates this
success and encourages consumers to 'shop local' and to support
businesses in their communities.
Small businesses are crucial to local economies, but have sadly
faced significant difficulties, with 12 years of Tory economic
failure, a business rates regime unfit for the modern economy,
soaring energy costs and supply chain issues.
Their challenges don’t stop there. Recent analysis showed that
over £20bn in late payments costs small businesses £684m every
year. Labour has pledged to legislate to tackle the issue by
requiring big businesses to provide details on their company’s
payment practices in their annual report.
Labour has recognised the support that small businesses need, not
only to survive but to thrive. This is why Labour has pledged to
scrap business rates, replacing them with a new form of business
taxation fit for the 21st Century.
The Labour Party will make online giants pay their fair share and
introduce annual revaluations of business rates, with savings
passed on immediately to small businesses. This would support
small businesses rebuilding from the crashed economy, and level
the playing field between online giants and bricks and mortar
businesses.
Labour has also committed to making sure small businesses aren’t
at the back of the queue for public contracts. The Party will
reform procurement policy to ensure that a small or medium
business is included in the shortlisting for any smaller
Government contract.
, Labour’s Shadow
Business Secretary, said:
“Small businesses are the heartbeat of the economy. Not only do
they invest in our country and people, but they provide vital
services for communities. That’s why I’m very proud to mark the
tenth anniversary of Small Business Saturday, and recognise the
huge impact SMEs have on enriching our lives.
“Not only have Conservatives presided over 12 years of economic
failure, they have crashed the economy, and left small businesses
to face further challenges like unfair business rates, supply
chain issues and soaring energy costs.
“Labour has listened and understand – and that is why we will
make online giants pay their fair share. We will scrap business
rates and replace it with a fairer system, one with annual
revaluations and where savings are passed onto small businesses
immediately. We will tackle the late payments crisis.
“Local businesses want a reliable partnership with government
that will listen to their concerns and take real, practical steps
to help them thrive. Labour will create a new partnership with
business that will make a real difference now and for the
long-term. Only Labour has a proper plan for growth and
prosperity.”
Ends
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