With the results of the election coming in, A labour government is here.

It has been heavily talked about, but one of the keys to the successful campaign has at times been silence, appearing to let the Conservatives fall apart by their own hand.

But now that the party has been voted in, that leaves many wondering what is next. What will be the focus on this new regime?

The answer to that question will be a long and very political one. However, Sinead McHale, CEO Satago, has expressed their views that one of the main focuses of the new government should be to prioritise the development of fintechs, as well as the introduction of stricter penalties for late payments from larger businesses.

Small and medium-sized enterprises are the heart of the UK economy

McHale said: “Small and medium-sized enterprises (SMEs) are the heart of the UK economy, contributing significantly to employment, innovation and economic growth. In the current climate, the newly elected Labour government must prioritise and address their needs and concerns.  

“Despite recent signs of easing inflation, business costs remain high. SMEs continue to grapple with profitability challenges and longer-term growth plans, with limited access to finance and late payments persisting from larger corporations.   

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“New policies must be implemented to support SMEs further, such as stricter penalties for late payments from larger businesses and incentivising prompt payment practices. Meanwhile, increased collaboration between fintechs and banks will help SMEs adopt more sustainable cashflow management practices. For example, invoice financing helps SMEs build resilience against future challenges and increases visibility by allowing them to access capital via their balance sheets.  

“By prioritising fintech development, the new government can set the standard for fostering an overall prospective and resilient business environment. Ultimately benefiting SMEs and the entire UK.”