Last weekend, we marked Small Business Saturday – a day dedicated to celebrating the incredible contribution of small businesses to our economy and our communities. Small businesses are not just numerous; they are essential. Across the UK, there are around 5.7 million private-sector businesses, and the vast majority are small and medium-sized enterprises. In fact, 99.9% of all UK firms are SMEs, with most being small, often family-run businesses deeply rooted in their communities. These businesses employ around 60% of the private-sector workforce and generate just over half of private-sector turnover. That’s an extraordinary contribution to our economy and to the lives of millions of people. When we talk about growth, it doesn’t come from trickle-down economics. It comes from people with ideas, ambition, and sheer hard work – and Labour will always be on their side.

Small Business Saturday comes hot on the heels of Family Business Week, that celebrates all businesses, big and small, that are family run. Over the years, I’ve had the privilege of visiting many of these businesses locally. They are the backbone of our economy, employing millions nationally and thousands here in our constituency. Many even trade internationally, proving that local roots and global ambition can thrive together – strengthening communities while creating global legacies. Family businesses are more than just commercial enterprises. They are often the businesses that sponsor local sports teams, support community events, and provide opportunities for young people. Their success is Britain’s success, and I want to say thank you to every family business in Stalybridge, Hyde, Mossley, Longdendale and Dukinfield for the vital role you play.

Starting and running a business will always involve risk. But recent analysis by PwC shows that newer businesses accounted for just 46% of company insolvencies in 2024 – the lowest share in over a decade. That tells us something important: Britain’s entrepreneurs are resilient. They are finding ways to adapt and succeed, even in challenging times. This Labour government is committed to backing small businesses to continue to start, grow and succeed. That means cracking down on late payments – something I’ve been proud to lead on. Late payments can cripple small businesses, and we are determined to end this unfair practice. It means slashing electricity prices for thousands of manufacturing businesses, helping them stay competitive and keep jobs in Britain. It also means offering free apprenticeships for small businesses, so they can invest in skills without bearing the full cost. These measures are about tackling costs, investing in people, and giving businesses the certainty they need to plan ahead and create good jobs.

Additionally, as part of the package of support announced in the recent budget, we are permanently lowering the multipliers for retail, hospitality, and leisure businesses. This will reduce bills for many businesses now, particularly if their valuation has not gone up as much, and if they were not eligible for covid-era relief. The new rates mean that for properties with rateable values under £500,000, the multiplier will fall from 55p to 43p, and for those with rateable values below £51,000, it will fall from 49.9p to 38.2p. We are going through a necessary readjustment following the substantial temporary reliefs brought in during Covid, but as a pro-business government, we are doing all we can to soften the process.

Finally, as we head into the festive season, I want to encourage everyone to shop local. If you’re doing a spot of Christmas shopping this weekend or in the weeks ahead, remember that every pound spent in a local shop helps keep jobs in our community and supports the businesses that make our high streets vibrant. Small businesses are the lifeblood of our economy. They create jobs, drive innovation, and give our towns their character. Labour will always back them – because when small businesses succeed, Britain succeeds. Thank you again to all the small and family businesses in our area for everything you do.