Jeremy Corbyn ready to go to war with big companies
If elected, the Labour leader says he'll win back billions for small businesses
The Labour leader said that if elected, he would “declare war” on big businesses and win back billions owed to small businesses.
In a speech to the Federation of Small Businesses (FSB), Labour leader Jeremy Corbyn promised that a government under his leadership would stop big brands like M&S and BT from withholding much needed cash from small businesses.
Calling time on scandalous late payments
Corbyn said that big businesses were holding back £26bn a year by not paying up on time. It's a “national scandal” that he says is putting 50,000 small firms out of business.
“Cash is king for any business, and big companies are managing their cash by borrowing – interest free - from their suppliers,” the Labour leader said.
“Some of the biggest names in business are holding cash piles that don’t actually belong to them.
“It’s a national scandal. And it’s stopping businesses from growing and causing thousands to go bust every year. It kills jobs and holds back economic growth.”
Capita, BT Group, Vodafone, National Grid, E.On and Marks & Spencer are, apparently, some of the “worst culprits”.
Corbyn’s three pledges
In his bid to win over small businesses, the would-be Prime Minister made three key pledges:
- Tougher action against big companies that buy from them.
- The obligation on small businesses to produce quarterly reports for tax purposes will be scrapped.
- The creation of regional investment banks to make it easier for small businesses to access funds.
His second pledge sets out to “scrap quarterly reporting for small businesses with a turnover of less than £83,000 a year to help you focus on growing your business."