Keir Starmer has called on the Government to give the British people “a stake in the national recovery” with new proposals aimed at supporting savers and backing people to start their own business.
The Labour leader called for the introduction of a British Recovery Bond for savers who want to invest in the country’s future.
Starmer used his ‘New Chapter for Britain’ speech to set out Labour’s priorities for the 3 March Budget and beyond. He contrasted Labour’s approach – based on creating “security and opportunity across the country” – with the Conservatives’ short-term one, with the Chancellor pinning his economic recovery plans on a new round of consumer spending.
Starmer also explained how he would directly help to create 100,000 small businesses across the country over the next five years by boosting funding for start-up loans. It came as he called for a new partnership between Government and business, saying that “we will only have a recovery if businesses can thrive.”
The British Recovery Bond could raise billions of pounds for the National Infrastructure Bank, growing business and the jobs of the future. It would also give financial security to millions, many who have saved for the first time.
Starmer wants to make small business the engine of economic recovery, and will call on the Government to better target existing funding – which currently spends nearly £1 in every £4 of Start Up Loans in London and £1 in every £20 in the North East.
Mike Cherry, national chair of the Federation of Small Businesses, told the Financial Times he has welcomed the “pro-enterprise proposals”, stating:
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“Small firms are the backbone of the country and without vital support for them, including key help for entrepreneurs, we won’t be able to get the country’s economic engine roaring once more.”