Small businesses say Truss tax policies get their vote

LIZ TRUSS’S support for a cut in National Insurance means she has the best policies for small firms, business leaders said last night.

The Federation of Small Businesses told The Daily Telegraph that, so far in the leadership race, the Foreign Secretary had the most impressive agenda.

They highlighted her plans to reform business rates as a policy that would boost small and medium-sized firms.

Although the FSB said Ms Truss was ahead in the race for small business support, it added there was a small chance that Rishi Sunak could overtake her if he announced more policies. But so far, he has done little for business, it said.

Tina Mckenzie, policy and advocacy chair at the FSB, said politicians needed to realise “you cannot tax your way to growth”.

“We have been pushing ministers for a package of immediate help in the current crisis; the cost of living crisis is embedded within a cost of doing business crisis,” she said.

“This is not the time for ‘business as usual’ when we see small business confidence slumping, and one in seven small firms now saying they will need to shrink, close or sell their business. We have put our priorities to all the candidates in this election, just as we have to all political parties.

“Changes are needed on four fronts – inflation, energy bills, fuel costs, and pre-profit taxes.

“At this stage, I’d say that Liz Truss has arguably backed these more than her opponent. There is still time for both candidates to develop a strong

‘Small businesses are simply too big and too important to fail. Local communities rest on their success’

pro-small business agenda to grow the economy. Small businesses and the self-employed are simply too big and important to fail, and local communities rest on their success.

“They need the right public policy help to survive and thrive.”

In response to the FSB’S comments, Ms Truss said: “We can’t have business as usual on the economy. As Prime Minister I’ll be on the side of small businesses up and down the country.

“I’ll make it my mission to deliver the changes they need, slashing taxes and red tape to get the economy growing.”