The Labour Party has pledged to provide assistance to small businesses and entrepreneurs should it emerge victorious in the UK general election. The party announced on Friday plans that would entail an overhaul of the business rates system to support high street stores while also clamping down on late invoice payments. Labour’s leader, Sir Keir Starmer, has noted the difficulties faced by hard-working small businesses which prompted the formation of the plan in November 2021. Trade bodies have praised the party’s proposals with regards to the business rates system, nonetheless, it remains unclear about its replacement.
A spokesperson for the Federation of Small Businesses (FSB), Tina McKenzie, has commended the Labour pledge regarding late payments, an issue that more than half of small firms surveyed by the FSB had experienced. McKenzie added that the party’s manifesto would determine if it would take an approach focused on small businesses. Additionally, Labour pledged to facilitate access to high-street banking services for smaller businesses by fast-tracking the establishment of banking hubs.
Campaigning ahead of a small-business event by Labour on Saturday, Sir Keir Starmer laid blame for the suffering of entrepreneurs at the feet of the Conservative Party. However, Business Minister Kevin Hollinrake countered that the Conservatives have consistently provided support for small businesses, pointing to freezing business rates for hospitality venues during the pandemic when trade was affected by lockdowns. Drew Hendry, the SNP’s economy spokesperson, has dismissed the Labour promises as empty for Scottish small business owners. Hendry, however, acknowledged the already-established Scottish National Investment Bank but called for the removal of red tape, higher costs, and visa blocks arising from Brexit.
A spokesperson for the Liberal Democrats also criticized the Conservatives for failing business owners, stating that the party would review the business rates system. Nevertheless, Labour has made significant pledges to support small businesses, which can greatly benefit the country’s economy
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