Labour promises to crack down on Small Business Late Payment

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labour promises to crack down on small business late payment

Labour says it will scrap business rates and crackdown on Small Business late payment as part of a package of measures to help small businesses.

The party is also planning to boost small business exports by publishing a trade strategy and delivering clear advice to get new businesses exporting, and tackle anti-social behaviour with town centre police patrols.

It says that scrapping business rates will level the playing field between the high street and online retailers.

On Saturday, Labour leader Sir Keir Starmer launched Labour’s plan for Britain’s small business entrepreneurs, with what it says are new “fully-funded and fully-costed policies”.

He was joined by Shadow Chancellor Rachel Reeves, Shadow Business Secretary Jonathan Reynolds and other members of the Shadow Cabinet as they took Labour’s Small Business Saturday across the country to promote the plan.

Labour’s plan has the backing of business leaders including Dragons’ Den investors Deborah Meaden and Theo Paphitis.

As part of the policy package, the Labour leader has outlined plans for the party to introduce new legislation and regulatory reforms designed to significantly benefit small businesses.

Eradicating Small Business late payment

Measures include eradicating the late payment of invoices to small businesses, to ensure timely compensation for their services and enhancing market opportunities by facilitating greater access for small businesses to compete for public contracts.

Stalybridge and Hyde candidate Jonathan Reynolds, said: “With our first steps for government, the Labour Party will focus on what matters to small businesses to deliver change. Stamping out late payments, ridding our high streets of anti-social behaviour, and creating economic stability.

“There’s a clear choice at this election for small business owners: more chaos with the Tories, or stability with Labour. More decline and division, or hope and unity with a changed Labour Party.”

But the Federation of Small Businesses (FSB) says millions of voters who run their own businesses are still to make a final decision on who they will back on polling day, according to a snap general election survey.

It reveals 96 per cent of small business owners intend to vote, but one-in-five (20%) have yet to decide which party they will choose, while a further one-in-three (33%) have a good idea who they will vote for but could still change their mind.

FSB’s research found 90 per cent of small business owners are concerned business taxes could rise under the next Government, while 92 per cent of small employers said they were concerned a future Government could increase the costs and risks associated with employing people.

FSB’s Area Leader for Greater Manchester, David Sudworth, said: “Small business owners and the self-employed are a shrewd and motivated part of the electorate. They’re used to weighing up competing offers when running their businesses, and it’s clear from our research that when it comes to the election they’re looking for which of the parties has the most compelling pro-small business offer.

“Small businesses are the key to securing economic recovery, driving innovation, and creating jobs in all parts of the UK.

“Our small business manifesto sets out the measures needed to create the conditions for that to happen, many of which do not involve additional spending.

“We’re looking to all of those seeking to form the next Government to show their commitment to the millions of hard-working voters who run their own businesses, including through a Small Business Act so we have new legislation to protect small businesses on crucial issues such as late payment,” he added.

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