King's Speech leaves small firms wanting more on rates, energy and red tape

"With the Middle East conflict ratcheting up cost pressures, this was a critical opportunity to deliver meaningful change and give companies the certainty they urgently need. Businesses will be disappointed to see no clear progress on reforming business rates, which remain a major cost burden for firms across the UK."

"Shevaun Haviland was equally pointed on what she called the speech's failure to grapple with supply-chain resilience, urging ministers to accelerate work on infrastructure, planning reform and the chronic backlog of grid connections that has become a binding constraint on industrial investment. Businesses, she said, wanted "a relentless focus on reducing costs, boosting investment and improving competitiveness"."

"Newton-Smith struck a similar note. Firms, she argued, "want to go for growth, but they need strong leadership from government to reform an unfair business rates system, lower business energy bills and fi"

"While the legislative programme offered some genuine wins, most notably a long-awaited crackdown on late payments and a meaningful overhaul of City regulation, there was a conspicuous silence on the three issues that dominate the in-tray of every SME owner in the country: business rates, soaring energy bills and the rising cost of employing staff."

Small and medium-sized businesses in Britain responded with limited enthusiasm to the King's Speech, with industry leaders saying ministers missed a chance to reduce cost pressures that threaten economic growth. Some measures were welcomed, including a crackdown on late payments and changes to City regulation. However, there was no clear action on business rates, rising energy bills, and the cost of employing staff, which dominate SME concerns. The omissions were viewed as especially damaging as Middle East-related conflict increased energy and shipping costs. Business groups urged faster progress on business rates reform, supply-chain resilience, infrastructure and planning reform, and grid connection backlogs that constrain industrial investment. They called for government leadership to cut costs, support investment, and improve competitiveness.

Read at Business Matters