ACS has welcomed the publication of the Government’s new Small Business Plan, which aims to tackle late payments, increase access to finance, and accelerate small business growth potential.
The Small Business Plan has an ambition to support growth by levelling the playing field for small businesses that have been taken advantage of by suppliers. New legislation will introduce maximum payment terms of 60 days, reducing to 45 days, giving firms certainty that they’ll be paid on time.
Additional measures set out in the Small Business Plan include:
- Transforming business rates in this Parliament, introducing permanently lower business rates multipliers for high street retail, hospitality, and leisure (RHL) properties with rateable values below £500,000, starting in April 2026
- Creating safe places to do business with 13,000 more police officers to provide visible community policing to crack down on shoplifting and rolling out the Safer Streets initiative this Summer
- Creating a consistent pro-growth national approach to licensing and establishing hospitality and night-time economy zones to cut red tape, support al fresco dining and late-night venues, in response to the Licensing Taskforce
- Cut the administrative costs of regulation for business by 25%, to save businesses time and money so they can focus on running successful businesses
Association of Convenience Stores chief executive James Lowman said: “Local shop owners will be pleased to see the government’s small business strategy identify many of the issues that matter most to them: crime that blights retailers and communities, illegal traders that undermine responsible retailers, the unfair burden of business rates, and the growth-limiting potential of regulation and licensing regimes.
“The reality for our members is that crime continues to rise, the illicit market is rampant and unregulated, business rates are increasing with fears of more to come next year, and fear of new licensing regimes that will make it harder to open and operate a local shop. We will engage wholeheartedly in helping to turn this strategy from words to action and removing the barriers to growth that retailers face on a regular basis.”
The introduction of a new small business multiplier for business rates, which could be up to 20p lower than the standard rate, is currently being considered through the Non-Domestic Rating Bill. ACS has called on the Government to lower the rate for businesses under £500,000 rateable value by the full 20p so that it can have a tangible impact and save retailers thousands on their rates bills.
Mr Lowman continued: “Retailers have had very little to look forward to recently, with increases in employment costs and reductions in their business rates discounts putting pressure on stores across the country. We urge the Government to ensure the new multipliers use the full powers of the Non-Domestic Rating Bill to offset the cost of reduced business rates relief and unlock investment in villages, parades, and high streets.”
