How Labour will support small businesses

Labour parliamentary candidate, Andy Newman, and Euro candidate Clare Moody, campaigning in Bradford on Avon, Chippenham constituency - copyright Steve Reckless

Labour understands the need for a prosperous economy, and the need to put in place measures to support small and medium sized businesses (SMEs), which currently provide 60% of the UK’s private sector jobs.

We have listened to small businesses, and a Labour government will introduce a number of measures to support them:

Labour understand the need for investment, and the challenges of SMEs in gaining finance. We will create a new National Investment Bank, and regional development banks in every region, to identify where other lenders fail to meet the needs of SMEs and       prioritise lending to improve the funding gap.

We will reinstate the lower small-business corporation tax rate.

We will review the Tory reforms to business rates, recognising the fact that high street retail businesses are competing with on-line businesses with lower costs. Will also take immediate action on business rates, to lower the burden on businesses, including switching from RPI to CPI indexation, exempting new investment in plant and machinery from valuations, and ensuring that businesses have access to a proper appeals process

We will scrap quarterly  reporting for businesses with a turnover of under £85,000.

Labour understands that late payment can push businesses into real difficulty. We will declare war on late payments by using government procurement to ensure that anyone bidding for a government contract pays its own suppliers within 3 days; and by developing a version of the Australian system of binding arbitration and fines for persistent late-payers for the private and public sectors.

Published and promoted by Steve Abbott of 71 High Street, Corsham, SN13 0HA on behalf of Andy Newman, 5 Elm Hayes, Corsham, SN13 9JW

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