Decamber 3rd, 2022
Written by John Grogan
It is a tough time for many such businesses faced with rising energy costs and falling demand. Government needs to give more help to the 340 small businesses in the constituency (with between 10-49 employees ) and 3225 micro businesses (with between 1-9 employees). Labour are proposing three measures that would not cost the taxpayer any money but would make a big difference to the bottom line of our local entrepreneurs.
The system that we replace it with will incentivise investment, feature more frequent revaluations and instant reductions in bills where property values fall, reward businesses that move into empty premises, encourage, not penalise, green improvements to businesses, and no public services or local authorities will lose out from these changes.
Labour plans to help small businesses get their unpaid invoices paid on time by larger companies and the public sector. More than £20 billion in unpaid invoices are outstanding at any one time. Anybody who, like me, has run a small business knows that cash flow is all important particularly in the early years. Under Labour’s proposals, big businesses would be required to provide details on their company’s payment practices in their annual report.
This would require audit committees to issue a report on late payments. Every big UK corporation should have a non-executive director on its board with direct responsibility for payment culture.
By cutting red tape and streamlining the bidding process, Labour will ensure small businesses have a genuine shot to win public contracts.