Originally written by Timothy Adler on Small Business
Boris Johnson will gift small businesses £1,000 each and will cut business rates if the Conservatives win the general election.
Prime minister Boris Johnson will address the annual Confederation of British Industry (CBI) conference today as he tries to repair the Conservatives’ relationship with business, following his notorious “f**ck business” remark back in 2018.
Small business support is crucial to both Labour and the Conservatives. According to the Federation of Small Businesses (FSB), a typical constituency has 25,000 people working in a small business, around 7,000 of whom are self-employed.
The prime minister will pledge small firms a £1,000 tax break by lifting to £4,000 the employment allowance they can claim against national insurance contributions.
>See also: Business rates reform key, says Labour business chairman Rachel Reeves
“This will amount to almost half a billion-pound tax cut for small business,” said a Conservative Party statement.
Boris Johnson will also promise an immediate “fundamental review” of business rates – the property-based tax paid by companies that many businesses have complained about over the past two years – leading to a reduction of its “overall burden” on firms and employers.
Companies, notably retailers on struggling high streets have protested about rising business rates