With the General Election 2024 just around the corner, small business owners in the UK are once again at the forefront of political discussions and debates. As the backbone of our economy, small businesses and SMEs play a crucial role in driving growth and generating employment opportunities. Therefore, it is important for us to take a closer look at the policies being proposed by the different parties and how they will impact the small business community.
The Conservative Party, led by Prime Minister Boris Johnson, has promised to continue their support for small businesses by keeping taxes low and reducing bureaucratic barriers. They plan to introduce a new Business Bill that will reduce the cost of compliance for small businesses, making it easier for them to operate and grow. This is welcome news for small business owners who often struggle with the burden of excessive regulations.
Furthermore, the Conservatives have pledged to increase funding for the UK Small Business Commissioner, who provides support and advice to small businesses in disputes with larger companies. This move will be particularly beneficial for SMEs who often struggle to compete with larger corporations.
Meanwhile, the Labour Party, led by Keir Starmer, has put forward an ambitious proposal to establish a new National Investment Bank that will provide funding and support to small businesses and SMEs. They also plan to increase the National Minimum Wage to £10 per hour, which will give a much-needed boost to low-income employees and potentially stimulate consumer spending.
Additionally, Labour has promised to put an end to late payments by introducing a 30-day deadline for payments to small businesses, which will help alleviate financial strain for SMEs. They have also pledged to reform the business rates system, providing small businesses with tax relief and making it fairer for those operating in the retail sector.
The Liberal Democrats, led by Ed Davey, have placed a strong emphasis on supporting small businesses and entrepreneurs. They have proposed a £5 billion business start-up allowance, providing tax relief for new businesses starting in their first three years. This will undoubtedly encourage more individuals to take the leap and start their own businesses, fostering innovation and growth in the economy.
Furthermore, the Liberal Democrats have promised to invest in renewable energy and sustainable infrastructure, which will not only create jobs, but also provide small businesses with opportunities to collaborate and thrive in the green economy. This will be beneficial for small businesses that are looking to reduce their carbon footprint and contribute to tackling climate change.
On the other hand, the Green Party, led by Caroline Lucas, has made a bold move by proposing a four-day work week, which they believe will help create a healthier work-life balance for employees and increase productivity. For small business owners, this policy could potentially reduce operating costs and stimulate consumer spending as people have more free time to patronise businesses.
The Green Party has also promised to reform the tax system to make it fairer for small businesses, with the aim of reducing the tax burden on them. This will provide much-needed relief for SMEs who often struggle to compete with larger companies that have the resources to navigate the complex tax system.
It is clear that each party has put forward their own vision for the future of small businesses in the UK. While there may be differences in their policies, the common goal amongst all the parties is to support and promote the growth of small businesses and SMEs.
As small business owners, it is important for us to carefully consider these policies and how they will affect our businesses. We must also exercise our right to vote and choose a government that will work towards creating a supportive environment for small businesses to thrive in.
In conclusion, it is heartening to see that small businesses are at the forefront of the political agenda in the upcoming General Election. With policies focused on reducing the burden of regulations, providing financial support, and promoting growth and innovation, it is clear that small businesses are seen as vital to the country’s economic prosperity. Let us hope that the government elected in 2024 will fulfill their promises and continue to support and nurture the success of small businesses in the UK.
