""SMEs are facing late payments, rising energy costs, increasing crime, a complex tax system and barriers to growth that are compounding rather than easing. These pressures are not isolated; together they pose a real risk to business viability, high streets and economic growth. High streets do not die by accident. If the Government is serious about growth, it must set out a more coherent and ambitious plan for the businesses that make up so much of the UK economy.""
""Small businesses are the lifeblood of our communities and while we know they are facing a difficult time, we are determined to make the UK the best place for them to thrive. That's why we are supporting them with a £4.3 billion support package to cap big business rate bill hikes and by taking action through our Modern Industrial Strategy and Small Business Plan, and we will also publish a new High Streets Strategy later this year to reinvigorate our communities.""
Parliament's Business and Trade Committee urged government reforms to stop business closures as high streets become dominated by closed shops. The committee called for cutting costs, overhauling business rates and ending late payments to improve small business viability. Small firms face late and unpaid invoices, rising energy costs, increasing retail crime, a complex tax system and growth barriers that compound risks to businesses and local economies. Sage reported that small businesses were owed £112 billion in late and unpaid invoices in December 2024. The government announced a £4.3 billion package, steps through the Modern Industrial Strategy and a forthcoming High Streets Strategy.
Read at London Business News | Londonlovesbusiness.com
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