Labour pledges to boost UK economy by overhauling business rates and revitalizing high streets

Labour's plan for small and medium enterprises

Labour will announce its plan to boost Britain's economy by revamping business rates and rejuvenating empty high street shops. In a major speech in Essex, Shadow Business Secretary Jonathan Reynolds will outline the party's strategy for small and medium enterprises. This marks the start of a series of "business roadshows" that will be held across the country.

Cracking down on late payments and reforming business rates

Mr Reynolds will pledge to crack down on late payments to small business owners through stringent new laws. Additionally, he will promise to scrap business rates and replace them with a system that "rewards expansion rather than disincentivising it." This move aims to create a more favorable environment for businesses and encourage growth.

Boosting skills with technical excellence colleges

Labour's plan also includes boosting skills by establishing new technical excellence colleges. These colleges will collaborate with industry experts to ensure that young people are equipped with the specific skills required in their respective fields. This investment in skills development aims to bridge the gap between education and industry needs.

Revitalizing high streets and supporting construction workers

Labour's proposal includes triggering a high street boom by revitalizing struggling town centers across the country. Local councillors will be given the authority to take over empty shops without the owners' permission. Additionally, new high street police patrols will be introduced to ensure the safety and security of these areas. Furthermore, Labour pledges to build 1.5 million homes over the next parliament to boost opportunities for construction workers and the property industry.

Labour's commitment to backing British business

Mr Reynolds emphasizes the importance of a strong partnership between the government and the private sector to address economic challenges such as low investment, poor productivity, and low growth. Labour's aim is to offer firm foundations for entrepreneurs to prosper and grow. This includes reforming business rates to support expansion and making them more responsive to real-world conditions.

"Britain is brimming with driven entrepreneurs and Labour will work hand in hand with them to ensure the next Labour Government is offering the firm foundations they need to prosper and grow," Mr Reynolds concludes.