The Labour Party’s recent gathering in Liverpool wasn’t just another political rendezvous; it was a clarion call for embedding the essence of Small and Medium Enterprises (SMEs) into the country’s strategic plans.
A fresh gust of wind seems to be blowing from the political corridors, suggesting that change is imminent.
Key Initiatives Promising Revival for SMEs
Modernising the Business Rate System
The 21st century is witnessing a rapidly evolving business landscape. Traditional business rates, many argue, are relics of a bygone era.
Labour’s vision encompasses a renewed system, more attuned to present challenges and future aspirations of modern-day UK businesses.
Combating the Menace of Late Payments
Late payments, often seen as the bane of small businesses, have throttled countless promising ventures.
The party’s roadmap includes decisive actions to address this challenge, offering hope to many SMEs grappling with cash flow issues.
Amplifying SME Participation in Public Contracts
Equal opportunity in public contracts can foster an ecosystem where smaller businesses flourish alongside their larger counterparts; however, to date, small businesses have rarely seen success in bidding for governmental work.
Labour promises to level the playing field, paving the way for enhanced SME participation when public contracts go out to tender.
Insights from the Labour Conference
Speaking at the Labour Conference in Liverpool, Shadow Secretary of State for Business and Trade, Jonathan Reynolds MP gave reassurance to the UK’s small business community, saying: “Labour knows the value of small businesses, who are not just the lifeblood of our communities but essential to our economic success.
“Listening to the voice of small business is integral if the next Labour Government is to succeed. That is why Labour will ensure small business is represented on the Industrial Strategy council.
“With Labour, small businesses will get the firm economic foundation they need to thrive, with action to tackle late payments, business rates reform and make it easier for small businesses to win public contracts.”
Moreover, the Federation of Small Businesses echoed this sentiment, as their Policy Chair, Tina McKenzie stated that: “Labour is right to put small businesses at the heart of decision making – with small businesses and Government working hand in hand, we can ensure a prosperous future for the UK.
“Tackling late payment and business rates is exactly what small businesses are looking for – while opening up public procurement will see Government itself benefit from the talents of all those working in small businesses across the country.”
Small businesses access unsecured, fast funding from Got Capital. As an alternative lender, Got Capital offers financing solutions specifically designed for and catered to the needs of SMEs.
