Latest news with #SmallBusinessCommissioner
Scotsman
01-08-2025
- Business
- Scotsman
Political opinion: Gregor Poynton MP backs new SME Strategy to boost local entrepreneurs, unlock finance and support main street growth in the Livingston constituency
- Government launches landmark SME Strategy to tackle late payments and unlock £4bn in finance for small businesses - New laws will give the UK the strongest protections in the G7 for small firms, ending the late payment crisis - Local entrepreneurs in the Livingston constituency to benefit from 69,000 Start Up Loans and new support to grow and export Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The Government has today unveiled its flagship Small to Medium Sized Enterprise (SME) Strategy, a bold plan to unleash the potential of the UK's 5.5 million small businesses and drive economic growth across every region. As part of the announcement, the Government will introduce the toughest legislation in over 25 years to end the late payment crisis, which currently costs the UK economy £11bn annually and forces 38 businesses to close every day. The new laws will cap payment terms at 60 days, with a further reduction to 45 days within five years, and give the Small Business Commissioner new powers to fine large firms that fail to pay on time. Key measures include: Advertisement Hide Ad Advertisement Hide Ad Gregor Poynton MP and Rt Hon Jonathan Reynolds MP Secretary of State of Business and Trade. Stronger legal protections to end late payments and support fairer business practices £4bn finance boost, including 69,000 Start Up Loans and a £3bn expansion of the British Business Bank's ENABLE programme New support for main streets, slashing of red tape to boost the hospitality and arts sector through hospitality zones; Main Street Rental Auctions to fill vacant main street premises; and Permanent cut to business rates for retail, hospitality and leisure on the main street from 2026. Action on personal guarantees, ensuring entrepreneurs are protected when accessing finance A revamped Business Growth Service to help SMEs scale, export and innovate The SME Strategy is a central pillar of the Government's Plan for Change, working alongside the Industrial and Trade Strategies to deliver long-term, sustainable growth. Commenting on the announcement, Gregor Poynton, Member of Parliament for the Livingston constituency said: 'This is a game-changer for small businesses within the Livingston constituency. From tackling late payments to unlocking billions in finance, this strategy gives our local entrepreneurs the tools they need to grow and thrive.' 'This strategy will mean that it will be easier to fill our towns and villages. As there will be less red tape once new business owners move in, bringing new life to these areas thanks to permanent cuts to business rates on main street, better access to funding, lower costs to businesses and more support. Advertisement Hide Ad Advertisement Hide Ad 'Small businesses are the backbone of our economy, employing 60% of the workforce. This strategy shows that Labour is serious about backing them with real action – not just words. 'It's proof that we are delivering on our Plan for Change and building an economy that works for every part of the UK. 'I have been meeting with local business, doing round tables with different SMEs through the West Lothian Chamber of Commerce or RBS Lunch to hear their concerns. 'If you or someone you know run a business, please reach out to my office, I would love to hear from you'. Business and Trade Secretary Jonathan Reynolds said: Advertisement Hide Ad Advertisement Hide Ad "This country is home to some of the brightest entrepreneurs and innovative businesses in the world, and we want to unleash their full potential by giving them back time and money to do what they do best - growing our local economies. "Our Small Business Strategy is the most comprehensive package of support in a generation, slashing unnecessary admin costs, making it easier for businesses to set up shop and giving SMEs the financial backing they need. "This is our Plan for Change in action, putting more money in people's pockets, boosting local communities and ensuring Britain is a great place to do business and thrive." Small Business Minister Gareth Thomas said: 'I want the UK to be the best place in the world to start a business, grow and succeed - and that's why we've taken bold steps today. Advertisement Hide Ad Advertisement Hide Ad 'Too many small firms go under each year because they aren't paid on time - that is completely unacceptable. 'I hear all too often about businesses who just don't have the cash needed to start up or grow. Today, we've announced measures as part of our Plan for Change to tackle all of those issues and beyond. This is the government listening to businesses, working with them, and delivering real change.' To book a visit with Gregor Poynton MP at your local business contact his office at [email protected]
Sky News
30-07-2025
- Business
- Sky News
Companies who pay suppliers late to be fined
Companies which continually pay their suppliers late will face fines worth potentially millions of pounds, the prime minister has announced. Sir Keir Starmer said "It's time to pay up" as the government is set to unveil plans to give the small business commissioner powers to fine large companies that persistently pay their suppliers late. Under the new legislation, businesses will have to pay their suppliers within 30 days of receiving a valid invoice, unless otherwise agreed, with spot checks to help identify breaches. Maximum payment terms of 60 days, reducing to 45 days, will also be introduced as part of the legislation to ensure businesses are paid on time. Late payments cost the UK economy £11 billion a year and shut down 38 businesses a day, the government said. The new law will save small and medium businesses time so they can focus on growing their revenue, it added. Sir Keir said: "From builders and electricians to freelance designers and manufacturers - too many hardworking people are being forced to spend precious hours chasing payments instead of doing what they do best - growing their businesses. "It's unfair, it's exhausting, and it's holding Britain back. So, our message is clear: it's time to pay up. "Through our Small Business Plan, we're not only tackling the scourge of late payments once and for all, but we're giving small business owners the backing and stability they need for their business to thrive, driving growth across the country through our Plan for Change." The late payment crackdown is part of a wider government package, including a move to pump £4bn of financial support into small business start-ups and growth. This will include £1bn for new firms, with 69,000 start-up loans and mentoring support. 9:00 The Conservatives said the crackdown will be welcome, but fails to address the "218,000 businesses that have closed under Labour". Andrew Griffith, the Tory shadow business secretary, added: "The reality for businesses under Labour is a doubling of business rates, a £25billion jobs tax and a full-on strangulation of employment red tape. "Only the Conservatives are on the side of the makers and will support businesses across Britain to create jobs and wealth." Chancellor Rachel Reeves has increased employers' national insurance, raised the minimum wage and lowered the threshold at which employers' national insurance is paid. The Resolution Foundation said this hits the cost of low-paid and part-time workers the most.
