Theresa May made a speech at the Conservative party conference, which some have labelled as ‘disastrous’, however she did manage to address the contribution of small businesses to the UK economy briefly.
During her lengthy speech, the PM made a comment on small businesses being a vital part of the UK’s economy, and with around 5.5 million small businesses worldwide this is to be expected. The PM said: “So while we will never hesitate to act where businesses aren’t operating as they should, let this party celebrate the wealth creators, the risk takers, the innovators and entrepreneurs – the businesses large and small – who generate jobs and prosperity for our country, and make British business the envy of the world.”
With small business owners’ confidence plummeting, it is promising that the PM took time to address the millions of small businesses. This indicates that small business do have some attention from the PM. The Chairman of Federation of Small Businesses (FSB) Mike Cherry commented on the speech: “It’s heartening to hear the Prime Minister recognise that this country’s prosperity and living standards rest on the success of British business. Those who set themselves up in business are the wealth creators and the risk takers and for them to succeed we now need a Budget next month that clearly supports them.”
The government still needs to encourage and support small businesses as they make a huge contribution to the UK economy, from creating jobs to having a turnover of £1.8 trillion. With the upcoming budget being announced next month, Mike Cherry calls upon Chancellor Philip Hammond: “to reform business rates fundamentally, simplify the tax system and deliver the investment in skills and training as well as the infrastructure that small businesses need. At the same time, there should be no diminution in reliefs and tax incentives for small businesses, which would have a disastrous impact on confidence”.
Small business need to be put in the forefront of the country’s economic plans because the confidence of the business owners is incredibly important to the economy. Small business owners are risk takers and they are definitely in need of more support and praise, especially during the Brexit negotiation period.
There is a lot of changes and news in the small business sector. From the new Small Business Commissioner being appointed to the constant Brexit negotiations which effect the small businesses, so make sure you stay up to date on all essentials news.