Home Business News Labour pledges to help smaller firms

Labour pledges to help smaller firms

by Mark Fitt Political Journalist
6th Dec 19 10:00 am

Labour has pledged to help small companies by promising a network of business advisors in Post Office branches should they win the general election next Thursday.

Labour has also pledged to replace business rates with a tax based on land value which will help small firms.

Labour’s shadow business secretary Rebecca Long-Bailey said small firms are “being stretched to breaking point by global corporations which evade their taxes and fail to pay their suppliers on time.

“Labour wants business support and finance to be available for entrepreneurs from the moment the seed of an idea is planted.

“Labour’s Business Development Agency will create thriving businesses within our communities, bringing life back to local economies.”

The party will also establish a £250bn national investment bank that will help provide loans for small businesses along with free full-fibre broadband for every business and home by 2030.

The Federation of Small Businesses (FSB) welcomes the move by Labour, however, Mike Cherry the chairman said Labour needs to provide “urgent clarity” over the tax changes and dividends pay out.

Cherry said, “The party promised that no business owner making less than £80,000 would be targeted if it wins power.

“But, as things stand, it’s hard to see how that will be the case.”

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