The plans include the creation of a new agency to give support to businesses.

The Labour Party has launched a 20-point plan it says is aimed at helping rejuvenate high streets and help small businesses.

As part of the plan, Labour would establish a Business Development Agency (BDA) to act as a “one stop shop” for small businesses. The BDA would give access to business advice, finance and government contracts.

Additional pledges in the 20-point plan include:

  • A £250 billion UK National Investment Bank and network of Regional and National Development Banks to give small businesses and the industries of the future the funding they need.
  • Stamping out late payments that hit smaller businesses.
  • Giving SMEs access to funding for training raised through the Apprenticeship Levy.
  • Scraping quarterly reporting for businesses with a turnover of under £85,000.
  • Using government procurement to support SMEs and economic growth.
  • Fundamentally reforming the outdated business rates system, including switching to annual valuations.

Labour’s Shadow Business Secretary Rebecca Long-Bailey said the BDA “will create thriving businesses within our communities, bringing life back to local economies.”