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City MP celebrates the beating heart of Portsmouth’s local economy this Small Business Saturday 

By 1 December 2023No Comments

Stephen Morgan MP today [Saturday 2 December] celebrates Small Business Saturday, after Labour launches ‘The Beating Heat of the Economy – Labour’s Plan for Small Businesses’ committing to put the voice of small business at the heart of Government and tackle the barriers holding them back.

The vast majority of businesses in this country are SMEs, employing 16.7 million people and boosting our economy by £2.4 trillion.

From cafes and restaurants, health and beauty services, automotive services, online retailers, manufacturing, and everything in between, small businesses are at the heart of Portsmouth’s economy, creating jobs and opportunities for residents.

However, after 13 years of Conservative economic failure, small businesses in Portsmouth have been exposed to a low growth and high tax environment.

50,000 businesses on average are going under every year in the UK due to being paid late and the soaring costs of rent, energy bills and supplies under this Government.

Mr Morgan has taken a range of action to lobby on behalf of small businesses, including campaigning for levelling up funding for the city centre, working alongside small businesses to hear their concerns, and raising issues on the floor of the house with Ministers.

Labour is committed to achieving its growth mission by helping small businesses grow to their full potential.

This week Labour’s Shadow Business Secretary, Jonathan Reynolds, laid out Labour’s blueprint for how small businesses will be supported under a Labour Government by. This includes:

  • Bringing banks back to the high street through banking hubs guaranteeing face to face banking services in communities so small businesses can deposit cash easily
  • Legislating to tackle late payments going further, faster than the Conservatives with tough new laws.
  • Scrapping business rates for a fairer system to reduce the burden on high street premises.
  • Revitalising Britain’s high streets by tackling anti-social behaviour by introducing new town centre police patrols.
  • Providing a fair chance at public contracts to give small and medium businesses fairer opportunities to benefit from public contract bidding.

Commenting, Portsmouth South MP Stephen Morgan said:

When I speak to our small businesses or local traders many tell me they feel overlooked by the Government and, after 13 years of economic failure, it is getting harder and harder to run a successful business.

“Portsmouth is fizzing full of potential and I will continue to work hand in hand with our city’s small businesses to ensure the firm foundations they need to prosper and grow.

“Small businesses should be given the respect their sheer economic weight deserves. That’s why I am pleased to be celebrating their contributions today and backing Labour’s plans to make this happen.”

Jonathan Reynolds MP, Labour’s Shadow Secretary of State for Business and Trade, said:

“Small businesses are the beating heart of the UK economy, which is why it is so important to support our small businesses by shopping locally where you can during the Christmas season.

“Unfortunately, after 13 years of Conservative economic mismanagement too many of our businesses are struggling in a high tax environment. Under Keir Starmer, the Labour Party has changed, and we are working hard to ensure that we support businesses to not just get by but to grow, export and succeed.

“We are proud to have launched our Plan for Small Businesses this week which was created by listening to small businesses and understanding what they need to succeed, because we know that small businesses are essential to the whole country’s economic success.”

Mr Morgan will be visiting the winners of his ‘Support Local’ small business awards today to shine a spotlight on local businesses and traders this Small Business Saturday.