Forum of Private Business welcomes deferred Base Rate rise but says that “business needs support on the ground now”
The Forum of Private Business (FPB) has welcomed the Bank of England’s decision to defer a rise in interest rates, but is using the news to call on government to do more to help the business community.
Ian Cass, Managing Director of the FPB, said: “A rise in interest rates is in the pipeline, but all the reports point to it being no earlier than May now. If that’s correct it’s welcome news for the UK’s small businesses, but SME’s and other businesses do need greater support. We know a Brexit transition deal has been agreed- we now need to see what the government will provide in the way of support for businesses leading up to, and during, this transition period and beyond.”
The Forum is asking the government to back its Get Britain Trading campaign, which offers politicians the chance to work alongside businesses so they can better understand both the struggles they deal with and the support they desperately need from government.
The ‘Get Britain Trading’ campaign has six key elements:
1. Helping to improve the performance and productivity of members
2. Re-launching the ‘Hall of Shame’ to highlight bad behaviour of UK businesses, which damage the trust and reputation of UK PLC.
3. Ethical and compliant behaviour from businesses, for which the Forum has developed an Ethical Workbook and a Compliance Handbook, both of which are being circulated to members in the coming months.
4. Creation of a Business Partner Scheme, with members registering to host Ministers, local MPs, Civil Servants and Educational Establishments to come and work within their businesses for a few hours, and gain a deeper understanding of the issues that they face on a day to day basis.
5. Provision of clear and direct feedback from members to Government with a view to ensuring all initiatives from Government are kept simple and workable.
6. Lobbying for a smooth Brexit transition and for a favourable post-Brexit business environment, across the Forum’s already issued Post Brexit Plan.