Ed Miliband today sets out Labour’s plan to help small businesses succeed which includes new measures to tackle the unfair charges that hold firms back.

In a speech to the Federation of Small Businesses, he says that rising costs, a shortage of skills and a lack of finance are damaging enterprise.

And he sets out Labour’s plan to help small businesses grow, make bigger profits and build a better future for Britain.

This includes new policy to tackle the scandal of unfair charges on suppliers such as “pay and stay”.

The next Labour government will work with the FSB to review all such charges and, if necessary, bring in legislation to prevent such abuses so that small businesses are no longer forced to pay fees to provide services or goods to larger firms.  

Other measures to reduce costs already announced include:

• Introducing legal requirements for large firms to report their record on late payment including the action they have taken to compensate suppliers.  
• Giving the FSB the legal right to represent its members in members in the courts or before the relevant authorities when contractual terms or practices are grossly unfair.
• Cutting business rates this year and freezing them next year – saving an average of £400 for 1.5 million business properties
• Lowering energy bills by giving businesses equal protection to household consumers and mandating the regulator to stop overcharging by the end of this year and ensuring bills can only fall, not rise until the end of 2017.
Ed Miliband also outlines details of Labour’s plan to:

• Put small business at the heart of the next government by establishing a Small Business Administration modelled on the one that exists in the US
• Review the customs and practices of HMRC including the way small businesses are chased to pay taxes but  larger ones get way without paying their fair share
• Improve access to finance with a British Investment Bank to support a new network of regional banks with a specific duty to lend to SMEs
• Equip small businesses with the skills they need to succeed by improving training and vocational education, restoring work experience to the National Curriculum, ensuring Maths and English are taught until 18, introducing a gold standard Technical Baccalaureate, technical degrees at universities and an apprenticeship guarantee to school leavers who get the basic grades.

The full text of Ed Miliband’s speech is available here: http://press.labour.org.uk/post/114128482914/ed-miliband-speech-to-the-fsb