A SMALL business lobby group has called on prospective Mersey Euro MPs to consider allowing tax-free retention of profits to ease the effects of recession.
The Federation of Small Businesses’ (FSB) EU Election Manifesto ahead of tomorrow’s elections also urges MEPs to ban new business regulation until after the recession.
It says the elections have come at a vital time for the region’s firms as MEPs have the ability to enforce immediate change to business regulation ahead of a UK general election next year.
The Federation – which represents around 22,000 businesses employing more than 220,000 people in Merseyside and the North Wdst – argues that allowing tax-free retention of profits for small firms will help boost job creation in Merseyside and promote innovation.
Its manifesto also called for a raft of new incentives, while tax breaks could also be introduced to promote the growth of green industry which would have the dual benefit of boosting the economy and helping the UK achieve its climate change objectives.
Paul Henly, FSB North West policy manager, said: “The budget failed to offer many of the region’s small businesses the lifeline they needed.
“Our members will be watching what their local MEP candidates will be offering them very carefully.
“Cutting regulation, enabling small firms to use their own funds through retaining profits, and boosting incentives for growth industries like green technology will help them to save our regional economy.
“Remember that small businesses generate half of the UK’s GDP and employ 59% of the private sector workforce, so putting their needs first should be a priority for anybody looking to take a seat for Merseyside in Brussels.”
