The Labour Party will form the new government in the UK after 14 years of Conservative rule. The country went to the polls on Thursday, 4th July, with Labour securing a majority of seats. Ahead of the election, Labour’s manifesto included several key policies, notably pledges to support small businesses.
The finance industry in recent times has been witness to a rumbling sense of apathy from SME owners, with many businesses either not knowing where to turn for finance or have been too cautious to explore their options. Today we hope to see many of these firms reevaluating their position and hitting the ground running with a newfound optimism to take their business forward.
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A new Labour Government needs to keep its promises to SMEs in their manifesto. From exposing late payers to unlocking the supply of finance for businesses looking to grow, the new government needs to demonstrate their commitment to SMEs. They need to focus their time on assisting businesses to market effectively, encouraging investment into the country and helping to develop new trade strategies, hopefully inspiring SMEs with the courage and confidence to expand their business and help rebuild the country.
When it comes to the economy, simply put, the country needs stability. Interest rates need to continue to fall further to unlock working capital for UK businesses and allow intermediaries and the wider finance market to bring solutions to businesses to help them achieve their goals, and though we have reached the target for inflation, our new Chancellor should focus on getting it below 2%.
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