Corbyn pledges to scrap quarter year reports

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Jeremy Corbyn has set out Labour’s business objectives in a speech to the Federation of Small Businesses, with quarter year reports and business rates reform among their priorities.


“I want to make it clear today that we will not raise the small business corporation tax rate.

“What people running small businesses tell me is that they are fed up with there being one rule for them and another for big business.”

“Labour will scrap year quarterly reporting for small businesses with a turnover of less than £83,000, to help you focus on growing your business.

“In consultation with business, Labour set out five points that will guide our policies in government: There will be no cliff edge increases in rates and a fair and transparent appeals process.

We will bring forward CPI indexation so that businesses aren’t paying more because of how inflation is measured.

We will exclude new investment in plant and machinery from future business rates valuation. We want to encourage, not discourage, business investment.

We will introduce more regular valuations to stop businesses facing periodic and unmanageable hikes.

“Also, we need fundamental reform of the business rates system to ease the burden on traditional high streets and town centres in the age of online shopping and to create a fairer system of business taxation.”

“That’s why Labour is committed to establishing a National Investment Bank with regional investment banks for every region of England.

This year, the Welsh Labour government is creating the Development Bank for Wales.

Its purpose will be to create and safeguard over 5,500 jobs a year by 2022 by providing more than £1 billion of investment support to Welsh business over that period.

“The risk of bankruptcy comes not when you borrow to invest in projects that will deliver growth but when you give unfair tax breaks to big companies and the wealthy, when you have a big deficit and not enough money to run public services.

“Britain has more than five million small to medium sized businesses employing more than 15 million people; sixty per cent of the private sector workforce.

Labour is committed to creating an environment in which you can grow, through fair taxation, tough action to level the playing field, including on late payment, and through investment in skills and infrastructure.

“A productive economy requires government to have a partnership with business. Building the platform for you to succeed. While guaranteeing fairness for all.

“I’ve set out Labour’s three principles; fair taxation, a level playing field and investment. And I want to add one final principle, to listen and engage with people like you, the experts in their area.

“I think we need more experts, not fewer, informing our policy and politics.”

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