, ,

Stephen Morgan backs positive plan for small business

Stephen Morgan has backed his party’s small business pledge which seeks to support local organisations through Green investment, upgrading essential infrastructure, reforming the business rates system and stamping out late payments.

This commitment comes as Labour launches 20 pledges to help small businesses and rejuvenate Britain’s high streets. The Federation of Small Businesses has said that “the business support landscape is complex, with a patchwork of public and private sector initiatives at both local and national levels” which Labour has sought to address with the pledges.

Stephen Morgan said:

“We need a Government that both invests in small business and works to foster an environment that encourages their success

Unfortunately, in recent times we have seen periodic hikes in business rates that can make life impossible for SMEs, and there has been made no serious attempt to stop big business making late payments to smaller enterprises – which we know can fatally undermine a struggling company.

Labour is the true party of small business. This is Labour’s plan to end that unfairness, and level the business playing field in Portsmouth South and across the country. That’s real change for small businesses.”

• £19 billion investment for Labour’s Green Transformation Fund
• Upgrade the region’s infrastructure by connecting 3.9 million households and businesses to full-fibre Broadband including and South Coast rail capacity improvements
• 393 Post Banks in the South East providing face-to-face, relationship banking,
• Stamp out late payments
• Scrap quarterly reporting for the smallest businesses
• Fundamentally reform business rates

Stephen Morgan has a record of delivery when it comes to standing up for small business. He has created a support local campaign, worked closely with others over the crisis on our high streets, hosted roundtable action meetings with other SMEs, created local awards for business, backed Labour’s 5 point plan for the highstreets and regularly meets with business leaders.

Additional 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.