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Stephen Morgan backs plan for small businesses to “pull up the shutters’ for Portsmouth’s entrepreneurs

By 14 June 2024No Comments
Image from Stephen Morgan

Stephen Morgan has said Labour’s plan for Portsmouth’s small business entrepreneurs will pull up the shutters after years of decline under the Conservatives. 

Mr Morgan, Labour’s candidate for Portsmouth South, said his party’s plan would drive down energy prices, unlock access to finance for business, stamp out late payments, guarantee access to banks on the high street and back Portsmouth’s businesses to the hilt.

Labour’s plan has the backing of business leaders including Dragon’s Den investors Deborah Meaden and Theo Paphitis as well as small business owners up and down the country.

Pulling up the shutters with Labour’s plan

As part of the policy package, the party will introduce new legislation and regulatory reforms designed to significantly benefit small businesses.

Measures include eradicating the late payment of invoices to small businesses, to ensure timely compensation for their services and enhancing market opportunities by facilitating greater access for small businesses to compete for public contracts.

Furthermore, the policies aim to ensure that small businesses have guaranteed access to essential banking services in their local high streets, fostering a more supportive financial environment for these enterprises.

Labour candidate for Portsmouth South, Stephen Morgan, said:

“Portsmouth’s small businesses are fizzing full of potential to grow to an international scale but have been held back by a Conservative government who have failed to support them.

“That’s why Labour will deliver change that matters to small businesses – stamping out late payments, ridding our high streets of anti-social behaviour, and creating economic stability.

“At this election, the choice is clear for Portsmouth’s entrepreneurs: more chaos with the Tories, or economic stability, hope and positive change with Labour.”

Keir Starmer, announcing Labour’s plan for small businesses, said:

“Travelling across the country, I meet so many small business owners who work day in, day out, to grow and innovate. Their entrepreneurial courage to take a risk and serve their area is what stitches the fabric of local communities together. From the women entrepreneurs I met in Swindon to the distillers in Scotland, small businesses are the beating heart of driving growth and creating jobs for local people.

But Conservative chaos over the past 14 years has inflicted a deep and lasting cost on small business owners through economic instability and sky-rocketing energy bills. Through no fault of their own, hard-working small businesses have been held back by a tired Tory party that has failed to provide the stability and certainly business needs to thrive.

It’s no wonder that businesses across the country are crying out for change. Whether it’s from cafe owners, suppliers or builders, time and again I hear that call for stability and growth in our economy.

That’s what my Labour government will deliver as a first step for change. We will drive down energy prices. We will unlock access to finance for business. We will stamp out late payments. And we’ll guarantee access to banks on the high street. Because only Labour has a plan to back British businesses to the hilt.

Only Labour can stop the chaos, turn the page, and rebuild Britain.”

Labour’s plan for small business in full will

  • Guarantee small businesses access to banking services on their high street, including safely depositing cash, by changing regulations to accelerate the rollout of banking hubs.
  • Replace the business rates system, with a new system that will level the playing field between the high street and online giants.
  • Revitalise Britain’s high streets by tackling anti-social behaviour through the introduction of new town centre police patrols
  • Make the UK the best place to start-up and scale-up by unlocking the supply of finance for businesses looking to grow.
  • Stamp out late payment of invoices to small businesses, requiring large businesses to better report on their payment practices to expose late payers.
  • Open up competition to public contracts, giving small businesses the fairer chance they deserve to compete in tenders by requiring at least one SME to be shortlisted when smaller contracts go to tender.
  • Boost small business exports by publishing a trade strategy and delivering clear advice to get new businesses exporting
  • Give a new direction for skills and addressing skills shortages by creating Skills England and working with local industry to ensure local people have the skills they want including new Technical Excellence Colleges.
  • Make Britian a Clean Energy Superpower and cutting energy bills for small business and creating thousands of opportunities from tradespeople.