Economic Growth and Small Businesses
In response to the latest Office for National Statistics figures showing a 0.4% GDP rise in May, Martin McTague, National Chair of the Federation of Small Businesses (FSB), expressed optimism about the economic momentum. He noted, “The good growth registered in May picks up the momentum from the strong economic expansion seen in the first quarter, following April’s lull.”
McTague emphasised the importance of pro-growth policies to further this positive trend, specifically targeting small firms and self-employed individuals. He highlighted that the upcoming King’s Speech offers an excellent opportunity for the new Labour Government to demonstrate its commitment to small business success.
He also mentioned that the FSB had compiled over 150 growth-focused recommendations into a manifesto for small businesses and the self-employed. Key points included the need for planning reform, a Small Housebuilders Strategy, and the reintroduction of an expanded tax-free shopping scheme to boost the economy by attracting foreign visitors.
McTague stressed the necessity of affordable finance for small businesses, praising the transition from the Recovery Loan Scheme to the Growth Guarantee Scheme, which facilitates more viable small business bank loans.
He concluded, “As a recipe for the growth we all need, we hope the new Government makes sure every decision it takes considers the needs of small firms, as well as the indispensable contribution they make to the economy.”
For more details, visit FSB’s Official Site.
