In a bold move to invigorate Britain’s small business landscape, Labour leader Keir Starmer has unveiled a comprehensive plan aimed at providing robust support for entrepreneurs. The launch marks a significant shift as Labour seeks to address the decline witnessed over the past 14 years under Conservative rule.
Joined by Shadow Chancellor Rachel Reeves, Shadow Business Secretary Jonathan Reynolds, and members of the Shadow Cabinet, Starmer plans to take Labour’s Small Business Saturday campaign nationwide to promote the ambitious plan.
Endorsed by prominent business figures including Dragon’s Den investors Deborah Meaden and Theo Paphitis, as well as small business owners across the country, Labour’s initiative promises a new dawn for small enterprises.
At the heart of the policy package lies a commitment to legislative and regulatory reforms tailored to empower small businesses. Measures include tackling the pervasive issue of late payments, ensuring timely compensation for services rendered. Additionally, Labour aims to enhance market opportunities by facilitating greater access for small businesses to compete for public contracts.
Labour’s plan for small business in full will:
- Guarantee small businesses access to banking services on their high street, including safely depositing cash, by changing regulations to accelerate the rollout of banking hubs.
- Replace the business rates system, with a new system that will level the playing field between the high street and online giants.
- Revitalise Britain’s high streets by tackling anti-social behaviour through the introduction of new town centre police patrols
- Make the UK the best place to start-up and scale-up by unlocking the supply of finance for businesses looking to grow.
- Stamp out late payment of invoices to small businesses, requiring large businesses to better report on their payment practices to expose late payers.
- Open up competition to public contracts, giving small businesses the fairer chance they deserve to compete in tenders by requiring at least one SME to be shortlisted when smaller contracts go to tender.
- Boost small business exports by publishing a trade strategy and delivering clear advice to get new businesses exporting
- Give a new direction for skills and addressing skills shortages by creating Skills England and working with local industry to ensure local people have the skills they want including new Technical Excellence Colleges.
- Make Britian a Clean Energy Superpower and cutting energy bills for small business and creating thousands of opportunities from tradespeople.
Furthermore, the plan prioritises the provision of essential banking services on local high streets, fostering a supportive financial environment crucial for the growth and sustainability of small enterprises.
Keir Starmer, championing Labour’s vision for small businesses, articulated the party’s commitment to addressing the challenges faced by entrepreneurs. He emphasised the pivotal role of small businesses in local communities, highlighting their contribution to economic growth and job creation.
Labour’s Shadow Business Secretary Jonathan Reynolds echoed Starmer’s sentiments, stressing the party’s focus on delivering tangible change for small businesses. Reynolds outlined Labour’s pledge to combat late payments, tackle anti-social behaviour on high streets, and promote economic stability.
The upcoming election presents a clear choice for small business owners: continued chaos under the Tories or a path to stability and unity with Labour. With promises to tackle key issues and provide unwavering support, Labour positions itself as the party of hope and progress for British businesses.
