General Election: Labour promises to create business advocacy group
Labour has pledged to create a state-run business support agency as part of a spate of policies intended to help small to medium enterprises (SMEs).
If elected, the party wants to a create the Business Development Agency, which would assist companies “access business advice, finance and large scale government contracts”.
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The agency would have its offices in larger post office branches.
Today’s announcement comes as one of the party’s “20 Pledges to Business”.
They include creating a £250bn state-owned investment bank and a smaller “Post Bank” to fund “micro, small and medium sized enterprises”.
The party’s plan also includes scrapping quarterly reporting for businesses under £85,000 and “stamping down” on late payments.
Shadow business secretary Rebecca Long-Bailey said: “Small businesses are vital to a thriving economy.”
“Labour wants business support and finance to be available for entrepreneurs from the moment the seed of an idea is planted.”
Trade secretary Liz Truss derided the plans, saying that SMEs “don’t need a new quango”.
“Despite what they claim, Labour are not on the side of small businesses,” she said.
“Their plans to raise corporation tax and introduce a four-day week will hit businesses hard.”
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Labour’s 20 pledges come alongside plans to increase corporation tax and review business rates.
Jeremy Corbyn also plans to embark on a large nationalisation programme, which includes energy and water utilities, rail, Royal Mail and internet provider BT.