Economic stability for local businesses

This is my first time writing for Southwark Business Today under a Labour Government!

I am incredibly excited about the good news that our recent electoral success carries with it for the local business community here in Southwark, as well as the international confidence that seems to have sprung from the Labour win and stability it brings.

In nine years as MP, I have met hundreds of businesses and employers of all sizes in Southwark, who have relayed the negative impact of 14 years of failure under the Conservatives. Brexit is the most obvious, but even the replacement trade deals done with Australia and New Zealand held some potential benefits until they were wrecked for wine importers with a disastrous new taxation scheme.

‘UK Plc’ has been tarnished as a brand and Labour Ministers will need time to turn around the oil tanker of the British economy. I am optimistic and excited that the new Labour Government will act as quickly as possible and have noted the sense of relief communicated to me by business owners who finally feel as though ‘the grown-ups are back in charge.’

With good cause too; the Labour manifesto was business-friendly. Resolving train and junior doctor strikes will help some firms already and our offering for small businesses included increased access to high street banks through the rollout of local hubs, the overhaul of the antiquated business rates system and the revitalisation of our high streets to ensure smaller businesses can compete fairly.

For larger businesses and to help with economic stability overall, Labour have promised only one major fiscal event per year, with due warning to businesses about significant changes to tax and spending policies. Labour have pledged to cap corporation tax at 25% for this Parliament, keeping it at the lowest rate in the whole of the G7, to encourage the investment our country needs. I hope that Labour is good for business and helps firms thrive after years of uncertainty and chaos.

I was really pleased to participate in a roundtable with several local employers and their apprentices in Southwark, supported through their qualification by Kaplan. It was fascinating to hear from the group about their positive experiences undertaking apprenticeships and I am proud that the new Labour Government will continue to support apprenticeship programmes and encourage young people to take up these amazing opportunities to earn whilst they learn on the job.

I also know that many locally based companies provide a variety of apprenticeships in Southwark, including BAE systems, Southwark Council, construction firms, ‘watermen’ roles on the Thames, Barclays and more. It is great to have such a range of opportunities for young people to start and build careers in Southwark. I hope opportunities continue to grow for apprentices and for businesses as the new Labour Government rebuilds our economy.

I am optimistic and excited that the new Labour Government will act as quickly as possible and have noted the sense of relief communicated to me by business owners who finally feel as though ‘the grown-ups are back in charge.’