Corbyn’s plan to stop corporations screwing over small businesses is ingenious

Jeremy Corbyn

Labour’s latest reform proposal is designed to help small business owners and the self-employed. Primarily it focuses on late payments, which is an issue surrounding larger businesses not paying smaller operators on time. This is a big problem, as it’s estimated that 50,000 more businesses could be kept open if the problem was eradicated. And it could give the economy a £2.5bn boost.

As such, the proposal has three crucial benefits. Firstly, it’s the right thing to do. Secondly, it would be good for the vast majority of people in this country. And thirdly, it’s immune from the usual criticism of being ‘anti-business’ that many reformative proposals are branded with.

The proposal

Jeremy Corbyn announced his strategy in a speech to the Federation of Small Businesses. It included reforms such as:

  • Cutting red-tape for companies whose annual turnovers are less than £83,000.
  • Scrapping quarterly tax reporting for small businesses.
  • Creating regional investment banks that can help small operators access funding.
  • Plans to name and shame firms who are guilty of withholding payments.

In his speech, Corbyn said:

Cash is king for any business, and big companies are managing their cash by borrowing – interest free – from their suppliers.

Some of the biggest names in business are holding cash piles that don’t actually belong to them.

It’s a national scandal. And it’s stopping businesses from growing and causing thousands to go bust every year. It kills jobs and holds back economic growth.

Read on...

Building momentum

Corbyn told the Federation of Small Businesses:

We will support those striving to make a living through self-employment and in small businesses.

Not just because it is the right and fair thing to do, but because millions of jobs and the future of our country depends on it.

Labour increasingly seems to realise that what’s good for big business is not necessarily good for the rest of us. Which sounds obvious, but it’s a radical departure in a country where successive governments have failed to address the gap between the rich and the poor.

Get Involved!

Support The Canary if you appreciate the work we do.

Featured image via Flickr

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us

Comments are closed