Driving Economic Growth: SME4Labour Co-hosts Event with Labour Renaissance

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On February 8th, SME4Labour co-hosted a pivotal event with Labour Renaissance, centered around the theme “No Community Left Behind: Our 10-Point Plan to Grow Our Economy from the Ground-Up.” At the core of this initiative is Keir Starmer’s vision of sustainable and balanced economic growth, which has been highlighted as one of his key missions for the forthcoming Labour Government. Understanding the constraints of fiscal resources, Starmer and Rachel Reeves recognize the necessity for innovative policies that can propel growth without imposing undue financial burdens.

The newly devised 10-point plan, collaboratively drafted by Renaissance and Progressive Britain, drawing insights from contributions by 10 distinguished experts, outlines actionable strategies for Labour to realize this vision. Embracing a holistic approach, their recommendations encompass a spectrum of reforms spanning company law, governance, regulatory frameworks, tax structures, and non-fiscal incentives. These measures aim to empower small and medium-sized enterprises (SMEs) to catalyze growth and rejuvenate local economies across the UK.

 

We invite you to explore our comprehensive plan, which can be downloaded HERE.  Your feedback on the proposed ideas is invaluable to us. Please share your thoughts via email at [email protected], using the subject line: Feedback on 10-Point Plan.

If adopted, the proposals hold the potential to foster inclusive economic development, creating quality employment opportunities and driving productivity enhancements nationwide. Anchored in Labour’s overarching missions such as “Get Britain Building Again,” “Switch on Great British Energy,” and “Break down Barriers to Opportunity Everywhere,” our 10-point plan places SMEs at the forefront of Labour’s growth agenda.

 

Over 100 supporters, including prominent figures like shadow minister Rushanara Ali MP, Paul Wilson from the Federation of Small Businesses (FSB) have actively engaged with our initiative. Following the consultation launch on February 6th, we are eager to gather your insights on our draft proposals.

Outlined below are the key areas covered in our plan:

1. Modernize Corporation Tax
2. Reform Unfair and Expensive Legal Systems
3. Remove Regulatory Barriers to Competition
4. Support Social Mobility
5. Reform Business Rates
6. Facilitate Investment in Fast-Growth Businesses Across the Country
7. Create Innovation Partnerships with Universities
8. Simplify Environmental, Social, and Governance Frameworks
9. Build a Green Skills Talent Pipeline
10. Unblock International Trade

Later this year, we will present our finalized plan to the Labour frontbench, aiming to bolster Labour’s governance agenda.