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Small businesses are hoping that the election results will allow the government to tackle the domestic challenges that have been overshadowed by Brexit, helping bring stability back to the economy.
Having won a clear majority in the House of Commons, the Federation of Small Businesses (FSB) is calling on the Conservative Party to execute the promises it made to small business during the election campaign.
Boris Johnson and the Conservatives have pledged to end the late payment crisis by introducing a reform package; to help small firms with spiralling labour costs and expected living wage rises by increasing the employment allowance; and to extend and expand existing business rates discounts, while launching a review aimed at reducing the financial burden of rates.
The party also promised to launch a self-employment review to help those struggling to access pensions and mortgages and to improve infrastructure, with an ambition to deliver full-fibre, gigabit broadband.
“After more than three years of Brexit absorbing government bandwidth, the Conservative Party has pledged to tackle the many domestic challenges that have been neglected during that time,” said FSB national chairman, Mike Cherry.
“In the coming days we will see a Queen’s Speech and steps towards leaving the EU next month. Amid this, small businesses the length and breadth of the UK will be looking to the new government to achieve positive change for small firms in its first 100 days, not least with publication of a pro-business budget in early February.”
Mr Cherry also urged the government to restore small business confidence and trust in politics.
“The restoration of small business confidence and trust in politics rests on seeing the Conservatives’ pledges to us swiftly enshrined in a programme for government. It’s now time to turn kind words on bread and butter issues facing the small business community into tangible action,” he said.
Mr Cherry concluded that the government needs to deliver a business-friendly Brexit – one that protects the three T’s: trade, talent and a proper transition.
“The third of those is absolutely critical. We have to avoid a scenario where we suddenly crash out of the EU with no time for small firms to prepare for what’s coming next,” he said.