FSB is focussing on three key themes centred around being ‘FIT for the Future’. Those themes are: Fair Financing, Supportive Infrastructure and the ability to Thrive.
Key Recommendations from the Manifesto include:
Making London a Prompt Payment Zone: FSB calls on the Greater London Authority (GLA) and the wider GLA family to pay all undisputed and valid invoices within 30 days. The Mayor should use the power of the office to leverage this target with all of the London boroughs and promote the Prompt Payment Code to bigger businesses within London.
A Procurement system focussed on small businesses: For at least one-third of all GLA procurement contracts to go to small businesses and to encourage small businesses from within minoritised communities to bid for the first time – this should be a fundamental focus for the ‘Grow London Local’ Portal.
Creation of a London Small Business post within the GLA: As over 99 per cent of businesses are small, the time has arrived, after a quarter of a century of London Government, for the creation of a post within the GLA which has sole responsibility for small businesses: We advocate for a post of Deputy Mayor for Small Businesses and to have a ‘Small Business Impact Assessment’ accompanying all future policy interventions.
The reintroduction of the London Apprenticeship Grant for Small employers: The FSB calls for the reintroduction of a £3,000 apprenticeship incentive in London for under 25s as fresh FSB data shows that 80 percent of London small businesses would utilise the offer of support to recruit and train staff if it was accompanied by a financial support scheme.
A dedicated business crime strategy and portal for full reporting: Have a dedicated Business Crime Strategy, demonstrating commitments to targeting business crime from the beginning to the end of the Mayoral term and report annually of progress on its action plan, and, setting up a dedicated business crime portal where businesses can report any instances of criminality affecting their business.
Reduce public transport costs to support recruitment of low paid staff and low income self-employed in London: 77 per cent of small businesses surveyed said that subsidised public transport would significantly help low paid workers and low-income self-employed people in London and assist in recruitment too.
FSB London Policy Chair, Laura Timm, said:
“We now enter the business-end of the political cycle across London and the UK. A Spring Budget, followed by Mayoral elections and then a General Election.
“Small businesses have had a challenging few years to say the least. These Mayoral Elections on the 2nd May provide an opportunity for the main candidates to adopt policies that meet the needs of the self-employed and small business community – policies that help them to be ‘fit for the future’.
“We are urging candidates to support the drive to tackle London’s poor payment culture and create the right framework for small firms to win their first procurement contracts.
“Tackling the skills deficit in the capital is of paramount importance and so providing fiscal support for small firms taking on a young apprentice would be a welcome addition to any party political manifesto. We also feel that all policies created at the GLA should be measured against how they will impact on small firms – who make up over 99 per cent of the London economy. A post of Deputy Mayor for Small Businesses is needed after 25 years of London Government as these small businesses have fundamentally different needs and aspirations compared to their larger counterparts.”
The statistics are from an FSB London survey of 139 small business owners conducted in January 2024
Other key asks in the Manifesto include:
- ‘Grow London Local’ to become the ‘one stop shop’ for skills: The London business support hub (Grow London Local) must be fully functional and easy to navigate to enable small businesses to attract the skills needed. Helping small businesses with Functional, Digital, Green, entrepreneurship alongside leadership and management skills for aspiring sole traders and micro business owners will boost the London economy.
- Create London version of ‘Help To Green’: The GLA should, where possible, offer businesses a combination of audits and grants. These need to be easy to obtain and should provide support for small businesses to help them engage to become more energy efficient in their business and be an active player in improving London’s Air Quality.
- A London Business Mentoring system: Small businesses from all communities would benefit from free or low-cost mentoring and we advocate a focus on targeted mentoring, which centres on diversity and inclusion, within the Grow London Local Portal.
Notes to editors:
About FSB
FSB is the UK’s grassroots business group, founded in 1974 as a non-profit, non-party-political organisation that offers its members vital business services, advice, support, and a powerful voice heard by Government. More information is available at www.fsb.org.uk/media-centre. You can follow us on X (formerly known as Twitter): @fsb_policy
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