Labour pledges support for small businesses, plans overhaul of business rates

As the general election campaign continues, Labour is set to introduce a series of policies aimed at supporting small businesses.

On Saturday, Sir Keir Starmer, alongside shadow chancellor Rachel Reeves and other shadow cabinet ministers, is expected to unveil the party’s plans for the sector.

Key proposals include an overhaul of the business rates system to enable high street shops to compete with online giants and ensure access to high street
banking services by accelerating the establishment of banking hubs.

Labour will also commit to addressing the issue of late payment of invoices by requiring large businesses to disclose their payment practices and “revitalise” high
streets by tackling antisocial behaviour.

Sir Keir described small businesses as “the beating heart of driving growth and creating jobs for local people.”