SMEs to generate majority of new jobs

More new jobs are to be created by the UK’s small-to-medium-sized enterprises, not the large multinationals, according to Labour Party leader, Ed Miliband. The comments came during Miliband’s keynote speech yesterday at the Labour Party conference in Brighton. Mr Miliband detailed his proposals to cut business rates for 1.5 million businesses across the country if Labour wins back power in 2015. He also emphasised how important he felt it was that new jobs over the next 15 years are created by companies that don’t already exist. Head of Policy at the Forum of Private Business (FPB), Alex Jackman, said that Miliband’s speech “sought to provide solutions to the rising cost of living as well as the rising costs of doing business”. But John Cridland, CBI Director General, felt that such a proposal wouldn’t necessarily help the UK’s SMEs: “The success of many smaller firms goes hand-in-hand with that of larger firms through supply chains and it's important to remember that large firms employ ten million people".