Labour celebrates the beating heart of our economy this Small Business Saturday
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Labour today [Saturday 2 December] celebrates Small Business
Saturday, after launching ‘The Beating Heat of the Economy –
Labour’s Plan for Small Businesses’ committing to put the voice of
small business at the heart of Government and tackle the barriers
holding them back. The vast majority of businesses in this country
are SMEs, employing 16.7 million people and boosting our economy by
£2.4 trillion. From cafes and restaurants, health and beauty
services,...Request free trial
Labour today [Saturday 2 December] celebrates Small Business Saturday, after launching ‘The Beating Heat of the Economy – Labour’s Plan for Small Businesses’ committing to put the voice of small business at the heart of Government and tackle the barriers holding them back. The vast majority of businesses in this country are SMEs, employing 16.7 million people and boosting our economy by £2.4 trillion. From cafes and restaurants, health and beauty services, automotive services, online retailers, manufacturing, and everything in between, small businesses in all corners of the UK create jobs and opportunities for local communities. Small business is crucial to the UK’s economic prosperity, but sadly after 13 years of Conservative economic failure, small businesses have been exposed to a low growth, high tax environment with 50,000 businesses going under every year in the UK due to being paid late and the soaring costs of rent, energy bills and supplies under this Government. The Labour Party with Keir Starmer has changed and is proudly pro-business and pro-worker. We know that when small businesses and entrepreneurs succeed, the whole country succeeds. Labour is committed to achieving its growth mission by helping small businesses grow to their full potential. We know that late payments are a scourge on small businesses. At any given time, they are waiting on over £20 billion’s worth of invoices whose payments are overdue. With Labour’s pledged laws, larger businesses would be required to report on their company’s payment practices in the company annual report. This would increase transparency for small businesses engaging with potential future customers and would also tackle the UK’s late payment culture. Export growth is one of the worst in the G7 and the OBR forecasts exports will fall by 6.6% in 2023 and fall yet further in 2024. Under the last Labour Government, trade grew by 10% and exports almost doubled and a Labour government lead by Keir Starmer will publish a trade strategy that businesses will have helped shape and, crucially, that will be connected to our intertwined industrial and foreign objectives. In order to help businesses grow to their full potential, Labour is committed to getting the economy growing and this week Labour’s Shadow Business Secretary, Jonathan Reynolds, laid out Labour’s blueprint for how small businesses will be supported under a Labour Government by:
Jonathan Reynolds MP, Labour’s Shadow Secretary of State for Business and Trade, said: “Shopping locally is not just a purchase; it adds to the prosperity of our communities. Small businesses are the beating heart of the UK economy which is why it is so important to support our small businesses by shopping locally where you can during the Christmas season. “Unfortunately, after 13 years of Conservative economic mismanagement too many of our businesses are struggling in a high tax environment. Under Keir Starmer, the Labour Party has changed, and we are working hard to ensure that we support businesses to not just get by but to grow, export and succeed. “Small businesses often feel overlooked by Government and feel like they aren’t given the respect their sheer economic weight deserves. Labour won’t let that happen. We are proud to have launched our Plan for Small Businesses this week which was created by listening to small businesses and understanding what they need to succeed, because we know that small businesses are essential to the whole country’s economic success.” Ends. Notes:
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