FSB calls on Liz Truss to help small businesses

By Dom Walbanke on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs FSB chair Martin McTague says small firms are “crying out for a comprehensive response” including tax cuts and direct cash support The post FSB calls on Liz Truss to help small businesses appeared first on Small Business UK.

Sep 7, 2022 - 21:54

FSB calls on Liz Truss to help small businesses

By Dom Walbanke on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs

The FSB are calling on Liz Truss to help navigate energy crisis

The FSB has called on new prime minister Liz Truss and the government to take “swift” action to help small businesses get through the energy crisis.

The federation’s chair, Martin McTague, said small firms are “crying out for a comprehensive response” including tax cuts and direct cash support for the smallest businesses.

In Scotland particularly, the FSB said there is a “grotesque situation” where small firms could face 500 per cent increases in their 2023 energy bills.

Unlike households, businesses are not regulated by an energy price cap.

The head of the British Chambers of Commerce (BCC), Baroness Ruby McGregor-Smith, recently warned small businesses may have to close for the winter if they are not given support soon.

Truss has pledged to “deliver on the energy crisis” to help small businesses as part of a “business revolution” which also includes reform to IR35 for the self-employed.

Chancellor Nadhim Zahawi is also working on a package along the same lines as those in the pandemic to head off thousands of small businesses from going bust.

McTague said: “I congratulate Liz Truss and her team on a campaign that included small businesses, the self-employed and unleashing enterprise at its centre.

“The challenge now is to deliver action that is big and bold enough to match the scale of the crisis threatening the existence of many small firms, and the jobs, livelihoods and communities which depend upon them.

“Small firms, not protected by an energy price cap, are seeing bills soaring out of control. This is at a time of sky-high taxes, rampant inflation and supply chain disruption, creating a toxic mix which must be addressed urgently.

“Small businesses are crying out for a comprehensive response which cuts taxes, limits spiralling bills, and provides direct cash support for the smallest businesses.

“During the leadership campaign we were pleased that Liz Truss listened to our calls to reverse the recent hike in national insurance and to look at lifting more small firms out of business rates.”