Briefings from Labour: Labour’s plan for small businesses
Today, Labour’s Shadow Business Secretary, will set out a plan to establish a new Business Development Agency (BDA) to act as a one stop shop for business support. This commitment comes as Labour launches 20 pledges to help small businesses and rejuvenate Britain’s high streets.
Small businesses are the lifeblood of our economy and our communities. They are being stretched to breaking point by global corporations which evade their taxes and fail to pay their suppliers on time.
Labour’s Business Development Agency, (BDA) will create thriving businesses within our communities, bringing life back to local economies Labour will establish a new BDA to act as a one stop shop and champion small businesses across government departments, helping them access business advice, finance and large scale government contracts. The BDA will address this gap with a network of business advisers operating out of larger Post Bank branches, providing advice and guidance for local businesses on how to access support and finance.
Pledges in the 20-point plan include:
• A £250 billion UK National Investment Bank and network of Regional and National Development Banks to give small businesses and the industries of the future the funding they need.
• Stamping out late payments that hit smaller businesses.
• Providing free full fibre broadband to every business premises.
• Giving SMEs access to funding for training raised through the Apprenticeship Levy.
• Scraping quarterly reporting for businesses with a turnover of under £85,000.
• Using government procurement to support SMEs and economic growth.
• Fundamentally reforming the outdated business rates system, including switching to annual valuations.
Small businesses are vital to a thriving economy. Labour wants business support and finance to be available for entrepreneurs from the moment the seed of an idea is planted.
Labour is on the side of small business. It’s time for real change, It’s time for a Labour government.
You can view the 20-pledges for Small Businesses here: http://www.labour.org.uk/20-pledges-for-business/