Jeremy Corbyn for business? Here's what the Labour leader hopeful's pledging - corporation tax clampdown, support for small business and entrepreneurs

 
Lynsey Barber
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Corbyn is backing entrepreneurs and small business (Source: Getty)

Labour leader hopeful Jeremy Corbyn has unveiled plans to freeze rates for small businesses, clamp down on corporate tax avoidance and invest in skilled workers amid a raft of policies designed to show his commitment to business as the leadership race hots up.

“The current government seems to think being 'pro-business' means giving a green light to corporate tax avoiders and private monopolies," said Corbyn as he launched his "Better Business" plan, which has promised to "level the playing field" between small and big business.

"I will stand up for small businesses, independent entrepreneurs, and the growing number of enterprises that want to cooperate and innovate for the public good."

Read more: Now Gordon Brown weighs in on Labour leadership

Corbyn has promised to set up a National Investment Bank to inject cash into areas such as green energy, transport and digital infrastructure.

“Britain's businesses complain that Britain suffers from a lack of investment in our energy, transport and digital infrastructure. Yet the government continues to cut public investment. I want a National Investment Bank to fund the infrastructure we need," he said.

"I will also address two key issues holding back British business: lack of skills and of investment. The CBI says the UK has ‘a skills emergency now, threatening to starve economic growth’. Yet George Osborne is cutting the adult skills budget. I will introduce a National Education Service to equip us with the skills we need," he added.

Read more: Three reasons why Jeremy Corbyn could be the City's new best friend

Corbyn has polarised opinion and a new poll published today found he is the candidate who is thought to be both the best and the worst for Labour's prospects at the next General Election among voters.

Corbyn's "Better Business" plan

  • Small business rate freeze and a modest increases in corporation tax

  • A National Investment Bank

  • Digital infrastructure investment 

  • Support for self-employed equivalent to the same security recieved by employees

  • Rent controls for business premises

  • A National Education Service

  • Devolved power over transport infrastructure

  • Increase disposable income through raising minimum wage

  • Clamp down on corporate tax 

  • Green energy investment

Commenting on the plans, a CBI spokesperson said:

"The CBI works alongside all politicians to create the best environment for businesses, small and large, to grow and boost jobs. Keeping the country's infrastructure up to date is an important part of that. As is overcoming the skills challenge facing the UK to meet the needs of high-growth sectors that can drive our economy forward in the years ahead. A competitive tax environment and flexible labour market are also vital tools to sustain economic growth. Businesses will want to consider the full details of Mr Corbyn's proposals."

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