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The economic recovery starts with small business

March 22, 2021 10:00 AM
Originally published by UK Liberal Democrats

The UK's economic recovery starts with small business.

Small businesses lay at the heart of every local community, and every local economy, they create the jobs people need. In Government, Liberal Democrats championed small businesses and helped them create two million new jobs.

Now, during this pandemic, it's been the Liberal Democrats pushing for more action to support small businesses and the self-employed, every step of the way. We know how tough the past year has been, for almost every small business.

Many have seen their incomes evaporate. Many have had to stay closed all year. And for so many, the support from the Treasury hasn't been nearly enough.

Over the past year we have seen a chaotic series of last-minute announcements, short-term sticking plasters and unpredictable U-turns.

Three million people - mostly the self-employed - excluded altogether. The result has led to almost a million jobs lost. Our small businesses are saddled with unmanageable debt and many are rightly worried they won't make it much longer.

Liberal Democrats have a mission at every level - in Cardiff and Holyrood - in London and all across England - at May's elections and beyond.

Let's work with local small businesses to help their recovery, and help our communities recover too. Let's also challenge the Chancellor to give small businesses a bold new tax cut to support thousands of new jobs.

Slash their National Insurance Contributions by - not doubling, not trebling - but quadrupling the annual Employment Allowance from four thousand pounds to sixteen thousand. So no small business pays a penny in National Insurance Contributions on their first five employees.

Liberal Democrats will introduce a tax cut to back small businesses, create jobs, and ultimately, put recovery first.