End the turmoil and focus on policies for prosperity, small firms tell new PM

Responding to Rishi Sunak officially becoming the UK’s new Prime Minister, the Federation of Small Business’ Scotland Policy Chair Andrew McRae said: “Congratulations to Rishi Sunak on becoming Prime Minister. The focus of his government must now be on stabilising the economy, delivering the promised support for small firms on energy bills and cutting National Insurance, and securing growth and prosperity in the medium and long term.

“This appointment must bring with it an end to the political turmoil which has gripped the nation over the last few months. Small firms who were able to weather the Covid-19 crisis are now faced with mounting costs, fewer customers, staff shortages and a stormy outlook. In this climate, pro-business measures will be needed to secure prosperity in the medium and long term. That includes the right tax and regulatory framework, including keeping pre-profit taxes such as National Insurance as low as possible.

“On energy prices, the support package small business owners were promised must be delivered swiftly. Of equal importance will be a plan for what happens after the initial six months of support, which takes a realistic view on the inherently vulnerable position that smaller firms find themselves in when dealing with energy suppliers.

“The new Prime Minister and his government must work with their counterparts in the Scottish Government to explore every possible avenue in pursuit of solutions to the cost of doing business crisis.

“Small business entrepreneurs are resilient and innovative, but the current headwinds they are facing are gale-force. For small firms to drive economic recovery and future prosperity, they need a pro-small business environment in which to survive and grow.”