Burnham’s appointment brings new hope to SMEs

Today, Andy Burnham is announced as Leader of the Labour Party – on Monday Prime Minister. Small businesses around the country will be wary of yet another changing of the guard.

Derek Ryan, CEO for North West Europe at Bibby Financial Services, argues that for many SMEs, Burnham represents a new era of opportunity as a focus on local communities and small businesses signals a shift change for SMEs. 

“Andy Burnham’s positive noises about rebalancing business rates will be welcomed by smaller high street retailers and SMEs. But we know from our own research that business rates cripple small businesses across sectors. This policy initiative needs to go further if the new Prime Minister is serious about delivering on his promise to create ‘good growth in every postcode’.”

“Last year’s increase in NI contributions halted many SME leaders’ investment and growth plans in their tracks, so the proposal to lower this tax would clearly make a significant positive difference. But the devil will be in the detail — not least the views of any new Chancellor. And who Mr Burnham picks as his new Chancellor, matters hugely because stability, not radical change, is what businesses need to invest with confidence.”