The Forum of Private Business (FPB) has written to the Chancellor ahead of this month’s Autumn Statement to outline a five-point plan to help deliver jobs and growth for the UK economy.
Headlining its wish list, the FPB is calling for the Chancellor to make a serious and credible announcement on fuel duty, and for Government to commit to the concept of a fuel duty stabiliser by the end of the current Parliament.
It is also calling for a cap of 2% on business rates, pointing out that, with high street retailers across the country never having been under more pressure due to increased competition from online traders and supermarkets, the Chancellor must act on the issue of rates to prevent a full-blown crisis in the retailing sector, while all businesses would benefit from a cap on rates to reduce their outgoings.
The forum is also calling for a reduction in the costs of employment for business by amending the current National Insurance holiday scheme, and also sets out a case for the Chancellor to abandon plans that would mandate flexible working on all employers, regardless of their size.
In its fifth and final point, the Forum asks for further incentives for private lenders through alternative sources of finance. This would encourage less reliance on mainstream lending, thereby reducing SME addiction to shrinking levels of traditional lending streams, and give businesses the credit required to drive their own growth or even just stay afloat.