For better or for worse, the Conservative government achieved a majority vote this election. For business owners, it will probably come as no surprise that things are about to get a lot easier for us financially and legislatively. But just what have the Conservative party promised for small businesses? Let’s take a look at how their policies will help us in the coming years.
Conservative Government Boosting Start-Ups
The Conservative party are aiming to boost the number of start-ups every year to 600,000 by 2020. They will be reviewing the benefits available for the self-employed and trebling the start-up loan programme. Also, to encourage entrepreneurs further, they are aiming to invest more money into superfast broadband, so people can easily conduct their business from the comfort of their home.
Slashing Red Tape
Many businesses complain that red tape, such as regulations and paperwork, costs them time and money. The Conservatives are planning on drastically reducing the regulations restricting business, in the hope that it will save billions of pounds every year. Businesses will have more freedom to do what they like.
Hiring and Firing Rights
With a Conservative government in power, the rights and power will move from employees to employers. It’s likely that companies will be allowed to hire and fire at will, without fear of ramifications, under a proposal called Beecroft, which was previously quashed by the Liberal Democrats. Employment tribunals will become even more obsolete, and it will mean that any employees that aren’t pulling their weight can be quickly replaced.
There is a big question mark over whether we will remain a part of the European Union or not. This subject divides business owners, so you may think that this is actually a negative, depending on your company and its goals. Either way, Europe is going to be a big deal after this election – do you want to stay in, or do you think we should leave?
Late payments are a huge problem for small businesses in the UK. It massively interrupts cash flow and can cause serious issues – in fact, many companies go out of business because of late payments alone. The Conservative party will look at ways that we can legislate against late payments effectively. It isn’t doing the economy any favours and it should tighten up our fiscal processes.
Although this is an important governmental step, if you have experienced cash flow problems and you are unsure how best to react, this getting paid on time guide should help provide clear guidance on how to deal with such a scenario.
Investment in Infrastructure
Infrastructure will receive some much needed funding, to make it easier for businesses to meet up with their clients. In particular, a rail line will be built from Birmingham to London, which is great news for anyone living there. This will also help to spread the wealth from our capital city, out towards other cities in the UK. Freelancers and the self-employed will particularly benefit from this.
Wealthy business owners will rejoice when they hear that, yes, Osborne plans to cut taxes for businesses, in order to help them flourish. This will also encourage other large companies to set up shop in the UK, further boosting the country’s economy.
Are you happy that the Conservatives were elected? Let us know in the comments below.