Labour reveals nationwide Small Business plan
The key points from Jonathan Reynolds' speech in Basildon
Labour's Shadow Business Secretary, Jonathan Reynolds, unveiled a comprehensive plan for small businesses during a speech in Basildon, Essex.
Reynolds emphasized stability in government policies, business rates reform, skills development, and measures to address challenges such as late payments and high street revitalization.
Reynolds highlighted the need for stable government policies, stating, "Governments can't make your business successful; it's your hard work, vision, and graft that drive your success. But governments can, when done right, provide you with the platform you need to succeed."
The plan includes reforming business rates to incentivize expansion, making rates more market-responsive. Skills development is a focus, with proposals for new technical excellence colleges collaborating with local industries. Reynolds pledged to improve access to patient capital and tackle late payments through legislation.
High street revitalization and support for small businesses in public tendering were also key components of Reynolds' speech. Labour aims to empower councils to transform empty premises on high streets and guarantee fair public tendering by shortlisting at least one small and medium-sized enterprise (SME) for every appropriate contract.
In closing, Reynolds reiterated Labour's commitment to small businesses, stating, "I believe small businesses can be at the heart of rebuilding Britain. I hope we can work together because, with your vision and determination, we can turn around the economic performance of the last decade."
Key Points
Government Stability and Clarity
Mr Reynolds acknowledged the challenges faced by small business owners, particularly during the uncertainties of the pandemic. Labour pledged to provide policy clarity and stability, addressing the constant changes in regulations and tax environments.
Industrial Policy and Strategy
Labour introduced plans for an Industrial Strategy Council, a permanent and independent institution with specific representation for small businesses. This council aims to offer transparent frameworks, ensuring stability and certainty for businesses.
Business Rates Reform
The party outlined intentions to reform business rates, shifting towards a system that rewards expansion rather than hindering it. Speaker's Name expressed the need for market-responsive rates that adapt to real-world conditions.
Skills Development
To address the skills gap, Labour proposed the establishment of new technical excellence colleges. These institutions would collaborate with local industries and further education institutions to match regional skills needs.
Access to Finance
Recognizing access to finance as a significant barrier, Labour aims to enhance access to patient capital and collaborate with the British Business Bank to ensure financial markets work effectively for entrepreneurs.
Tackling Late Payments
Labour plans to go further and faster in addressing late payments by introducing legislation requiring all large companies to report on their payment practices and demonstrate prompt payments.
Revitalizing High Streets
Labour pledged to breathe new life into high streets by empowering councils to transform empty premises, ensuring safety with dedicated police patrols, and promoting fair public tendering for small businesses.
Export Taskforce
Speaker's Name highlighted the launch of a new export taskforce in collaboration with the Federation of Small Businesses (FSB). This initiative aims to facilitate practical changes to boost exports from small firms.
Green Prosperity Plan
Labour's Green Prosperity Plan focuses on providing opportunities for a wide range of firms, not just in the energy sector. The plan includes measures for cheaper, more secure energy to benefit businesses and create jobs in insulation and energy efficiency.
Housing and Economic Resilience
The party emphasized its commitment to using political capital to get Britain building again, creating new homes to boost local economies and ensuring affordable housing for those working with small businesses.
Conservative Pledges
In his Autumn statement the chancellor unveiled his "110 points for Business Growth"
They included plans for changes to Business rates, whereby the standard multiplier for rates on high-value properties will increase in line with inflation, while the small business multiplier will freeze for a further year. The 75% rates discount for retail, hospitality and leisure will all be extended for another year.