Labour vows to boost small firms – but can they?
Labour claim they will introduce legislation, if elected, to ensure invoices are paid on time. The party’s plan also includes measures to protect small businesses by scrapping business rates. They will boost exports, and provide capital assistance for technology-intensive businesses. Shadow Business Secretary Jonathan Reynolds said that small businesses are the beating heart of the…
Businesses welcome full-expensing tax relief being permanently extended.
The Chancellor’s Autumn statement confirming that he is making the ‘full expensing’ tax break permanent has come as a welcome move to most businesses considering future capital investment. This goes some way to counteracting the increase in corporation tax and the end of the super-deduction relief that came into effect in March ’23. BFS Comment:…
Plans to crackdown on companies with poor customer service.
Companies with a poor customer service record will face fines under plans being considered by the Government. The proposals, developed by Commons Leader Penny Mordaunt, will give regulators more power to address bad customer service. They include measures to tackle “drip pricing” and will make it easier for consumers to change and cancel contracts. MP…
City regulator to warn banks about exploiting small businesses
The Times reports that ithe Financial Conduct Authority will be warning banks about exploiting small businesses. This relates specifically to providing low savings rates. A recent study says that small businesses are losing out on over £7.5bn each year. This is due to deposits sitting in accounts with no interest and receiving worse rates than…
10% of SMEs are failing through lack of access to finance
According to a recent survey by Shawbrook Bank, one in 10 SMEs have struggled to access funding and, eventually, folded. The survey found that 72% of SMEs had difficulty accessing financing, with 29% delaying major investments due to insufficient funding. The report also highlighted that 17% of businesses were deemed too risky for funding. A…
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