How the Labour Government is helping small businesses

How the Labour Government is helping small businesses

The Labour Government is breathing life back into our high streets and helping small businesses by reforming business rates, securing new investment, and tackling retail crime.

These plans will make our high streets safe and vibrant again, with new measures to stop violence against shop workers and transform derelict towns.

Businesses have faced unprecedented challenges over the past few years, including soaring inflation, interest rates and sky high energy bills. That’s why the government’s first priority is to fix the foundations and restore economic stability.

The government has set out six milestones as part of a Plan for Change, to help achieve Labour’s missions.

The Plan for Change will deliver economic growth – and that depends on ensuring SMEs across Britain have the ability to export, hire and expand.

Here’s what the Labour Government is doing for small business:

Labour has raised the limit at which small businesses start paying employer national insurance from £5,000 to £10,500, meaning 865,000 employers will pay nothing in national insurance contributions next year.

Labour is reforming business rates – so that 250,000 small businesses get up to 40% off their rates.

The Labour Government is tackling retail crime with new funding for prevention and police training, as well as ending the Tory policy that meant stolen goods worth under £200 weren’t investigated.

Labour is taking action to stamp out the late payments that harm small businesses – and freezing fuel duty to bring down costs.

Labour’s Budget also confirmed £1 billion for the British Business Bank to enhance access to finance for smaller businesses through Start Up Loans, the ENABLE Build, the Growth Guarantee Scheme and the Life Sciences Investment Programme.  

Labour is introducing a new Business Growth Service, making it easier and quicker for SMEs to find government advice and support all under one roof , streamlining the government’s offer to small firms, saving them time and money.