General Election: Bloomberg’s The Business Debate
On Monday, FSB was part of Bloomberg’s The Business Debate. This saw Shadow Business Secretary Jonathan Reynolds and Business and Trade Secretary Kemi Badenoch outline how they would support small firms and the self-employed if they are elected on July 4. FSB’s Chief of External Affairs, Craig Beaumont, asked each how they would address late payments. Badenoch promised to protect the flow of funding to small firms throughout the implementation of Basel 3.1, with the potential removal of the SME Supporting Factor a looming threat. Reynolds said Labour would legislate to give audit committees oversight of late payments in large companies to address the power imbalance between small and big businesses.
General Election: Less than a week to go
There is less than a week before small businesses and the self-employed head to the polls to cast their vote in the General Election on July 4. The FSB Small Business Manifesto sets out a roadmap to growth for the winning party – including tackling late payments, greater protection for small firms with their energy bills, reforming business rates and encouraging start-ups. FSB’s Chief of External Affairs, Craig Beaumont, also told LBC’s Shelagh Fogarty that the next Government must also prioritise international trade. More information on how to vote can be found on the Government’s website.
eBay backs FSB side hustle proposal
eBay has backed FSB’s Small Business Manifesto recommendation to upgrade the tax-free trading allowance for side hustles to £2,000. This would be a positive step by whichever party forms the next Government, by encouraging entrepreneurship and driving economic growth.
Small Business Index Q2 survey live
The FSB Small Business Index survey for Q1 2024 is now open. This quarterly survey assesses the current sentiment of small businesses across the UK. The results are used to develop policy recommendations for the Government and other key decision-makers. Participation helps drive important changes in areas that matter to SMEs. The survey only takes a few minutes to complete and is open to all small business owners.
GDP revised upwards in Q1
The Office for National Statistics (ONS) has revised its initial estimate of GDP growth in the first quarter of this year (January to March 2024) upward, from 0.6% to 0.7%. This is 0.3% higher than the same period last year.
Saluting our Forces
This Armed Forces Week (24-29 June) is a chance to show support for the men and women who make up the Armed Forces community: from currently serving personnel to service families, veterans and cadets. More than six per cent of FSB’s members are veterans. The week included Reserves Day (26 June), which was an opportunity for FSB to recognise our Reserve Forces, particularly those who work in or run small businesses. In its general election small business manifesto, FSB is asking for the National Insurance holiday for employing Armed Forces veterans to be maintained for the lifetime of the Parliament. Small business employers can find tips and case studies on how to recruit, retain, and develop ex-forces employees in this employers’ guide to hiring veterans.
Creative industries roundtable
FSB hosted a virtual roundtable on creative industries on Tuesday, bringing together various members to discuss the support available for creatives as well as FSB's policy recommendations. Key topics included support for freelancers and the self-employed, and funding for creative businesses. Copyright and AI were also significant points of discussion, with 20 per cent of members concerned about the abuse of their IP rights. FSB's recommendations include the introduction of legislation requiring AI-generated output to have a watermark disclaimer, and for the Department for Science, Innovation and Technology and the Intellectual Property Office (IPO) to clarify that copyright resides with human authors.
AI revolution must not leave small firms behind
Small firms need a balanced regulatory framework when it comes to Artificial Intelligence (AI), FSB’s policy chair Tina McKenzie said this week. Writing in Media Planet’s Future of Business & Industry/Empowering Entrepreneurs & SMEs supplement featured in the Guardian, she said: “AI has the potential to bring endless benefits to the economy. To maximise success, we need to ensure we’re creating the right environment for small firms to thrive in.” Read more about the growth of AI among small firms in FSB’s Redefining Intelligence report.
Scottish Government passes Circular Economy Bill
New powers to increase reuse and recycling rates in Scotland were approved this week, as Stage 3 of the Circular Economy (Scotland) Bill was passed in the Scottish Parliament. The Bill will introduce measures to help Scotland develop a Circular Economy and is intended to give Ministers the power to set local recycling targets, statutory targets for delivery of a circular economy, restrict the disposal of unsold consumer goods, place charges on single-use items, and give local authorities additional enforcement powers. FSB has engaged extensively in the development of the Bill, highlighting concerns around placing additional administrative burdens on small businesses through the expectation of waste reporting obligations and the lack of funding and support for small businesses in the journey to net zero. FSB will continue to engage with the Scottish Government during the rollout period to ensure the concerns of small firms are heard.
Addressing the skills gap in Wales
FSB's Head of Wales, Ben Cottam, spoke at a College Alliance conference, addressing the critical issue of the skills gaps inhibiting growth for many small businesses in Wales. During the conference, he emphasised the importance of effective collaboration between the new tertiary education body and businesses to identify current and future workforce needs. The conference precedes the launch of a new body responsible for funding and overseeing education and research for people over the age of 16 in Wales, which takes effect in August.
Northern Ireland: FSB calls for urgent delivery of financial support for flood victims
This week FSB’s Northern Ireland policy chair, Alan Lowry, wrote an open letter to Northern Ireland’s main daily newspapers, highlighting the “scandalous” delays in the delivery of financial support for businesses affected by flooding in the Newry, Mourne & Down and Portadown areas eight months ago. Roger Pollen, Head of FSB Northern Ireland, also attended the presentation of findings of a multi-agency review into the flooding, telling BBC News that small businesses deserve better.
Managing workplace temperatures
The Health and Safety Executive (HSE) has published information for employers outlining their responsibilities to their employees during periods of hot weather. The guidance suggests ways to manage the temperature in the workplace to protect workers, like providing fans or air conditioning, introducing flexible working patterns, or offering extra breaks.
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