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New research from Labour reveals small businesses across the East Midlands are missing out on over £1.7b each year due to late payments from big companies.

At an event today with the Federation of Small Business, Labour leader, Jeremy Corbyn will make three pledges to small business:
 
•         Tough action on late payment
•         No quarterly reporting
•         Regional investment banks to improve access to finance
 
In the East Midlands over 170,000 of the region’s SMEs found themselves owed money in late payments. The knock on effects of this meant that over 50,000 were forced to pay their own suppliers later and over 20,000 found themselves struggling to pay their staff due to late payments.

Toby Perkins, MP for Chesterfield and former small business owner, said:

“Many small businesses in the East Midlands are struggling to keep afloat from one month to the next as late payments from big companies are keeping them on a financial knife edge.

“Here in the East Midlands we have over 370,000 small businesses and we should be doing everything we can to support them.

“As a former small business owner I understand the struggles facing our small businesses when having to deal with late payments. Supporting those striving to make a living through self-employment is vital for not only my constituency in Chesterfield but right across the East Midlands.

“A Labour Government would declare war on late payment to small businesses to boost growth and make sure we have an economy that works for everyone.”

Speaking at an event organised by FSB, Jeremy Corbyn will call it “a national scandal” that big companies were withholding more than £26 billion from suppliers, forcing 50,000 of them out of business every year.

Jeremy Corbyn will say:

“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.”
 
As part of Labour’s pledge to small business, any company bidding for a public sector contract must ensure it pays its own suppliers within 30 days. No ifs, no buts. Labour would also look at introducing a system of binding arbitration with fines for persistent late payers within the private sector.
 
In a wide-ranging speech on the economy, the Labour leader will promise that taxes would fall on those with the broadest shoulders. He will pledge not to increase the corporation tax rate for small businesses and say Labour would scrap quarterly reporting for micro businesses if introduced next year.

Labour declares war on late payment to small businesses

New research from Labour reveals small businesses across the East Midlands are missing out on over £1.7b each year due to late payments from big companies.

Jeremy Corbyn, Leader of the Labour Party, and Angela Rayner, Shadow Secretary of State for Education, yesterday announced that the next Labour Government will provide free school meals for all primary school children.

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Figures now released show that this is a change that could benefit over 200,000 children in the East Midlands.

 

Labour will fund the policy by introducing VAT on private school fees. Labour’s policy will benefit the educational attainment and health of all children while ending a subsidy to the privileged few.

 

Research confirmed by the National Centre for Social Research and the Institute for Fiscal Studies has shown offering universal access to free school meals improves educational attainment through improvements in pupils’ productivity, enabling primary school pupils to advance by around two months on average.

 

The provision of free school meals also has been proven to improve the health of pupils through better nutrition - with over 90 percent of pupils eating a school lunch consuming food or drink containing vegetables or fruit (including fruit juice) compared with only 58 percent of pupils who eat packed lunches.

 

Jeremy Corbyn, Leader of the Labour Party, said:

 

“No child in the UK should go hungry at school. By charging VAT on private schools fees, Labour will make sure all primary school children, no matter what their background, get a healthy meal at school.

 

“The next Labour Government will provide all primary school children in the East Midlands with a free school meal, invest in our schools, and make sure no child is held back because of their background.”

 

Angela Rayner, Labour’s Shadow Education Secretary, said:

 

“The Government’s cuts to the school budget in the East Midlands are making school meals worse and limiting the number of children that can be fed. This decision affects the educational attainment and health of pupils.

“Introducing universal free school meals will mean that around 200,000 additional primary school children here in the East Midlands could benefit from free school meals every day of the week.


“While the Conservatives offer tax giveaways to their billionaire friends, they are cutting the schools budget and threatening the health and futures of all our children by denying children the basic right of a healthy lunch at school. By investing in our education system and providing free school meals for every primary school child, we will remove the stigma attached to free school meals, and improve health and attainment for all children."

Labour: free school meals for all primary school children in the East Midlands

Jeremy Corbyn, Leader of the Labour Party, and Angela Rayner, Shadow Secretary of State for Education, yesterday announced that the next Labour Government will provide free school meals for all...

Jonathan Ashworth MP, Labour Shadow Health Secretary, commenting on reports in today’s media about Lincoln’s A&E reaching crisis point, said:

 

“Right across England hospitals are struggling with a shortage of staff because of this Government’s failure on NHS workforce planning. The over reliance on temporary and agency staff is causing massive problems and it is a real concern that services for patients in Lincoln are now at risk because the supply of staff is so unpredictable. The Government urgently need to get a grip and explain what action they’re going to take to make sure hospitals can get the number of staff in place that they need to keep services running and patients safe.”

Shadow Health Secretary responds to the news that Lincoln's A&E has reached crisis point

Jonathan Ashworth MP, Labour Shadow Health Secretary, commenting on reports in today’s media about Lincoln’s A&E reaching crisis point, said:

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