Page 19 - BOSS Today Issue 60

BOSS Today #60

promised, our partner BPIF called for a
strategy which supports industries across
the board, instead of favouring certain
sectors or regions. The formation of an
Industrial Strategy Council should be a
good opportunity to feed into the thinking
and it is encouraging that Labour seems
committed to working with business
representatives. We will aim to be a part
of that process, either directly or via our
input into bigger associations such as
MakeUK, the CBI, etc.

Business Rates Reform
Labour’s manifesto says that ‘the current
business rates system disincentivises
investment, creates uncertainty and places
an undue burden on our high streets. In
England, Labour will replace the business
rates system, so we can raise the same
revenue, but in a fairer way. This new
system will level the playing field between
the high street and online giants, better
incentivise investment, tackle empty
properties and support entrepreneurship.’
The Federation has called for an evaluation
of business rates as part of a wider review
of the business environment for SMEs, so
this is a promising pledge. However, it is
not clear yet how business rates reform will
look and, needing in-depth consultation, it
is unlikely to be an overnight process. High-
street office supplies businesses could be
set to benefit, though.

The Federation has
Business Taxation
Labour is committed to not increasing called for an evaluation
Corporation Tax, capping it at the current
rate of 25% (over £250,000) for at least of business rates as
the next five years, and has promised a part of a wider review
roadmap for business taxation before
making any additional changes. They of the business
have also promised just one major fiscal environment
event per year - presumably planning
only a Budget and scrapping the Autumn for SMEs.
Statement - in an attempt to provide more
certainty for business. Full expensing
for capital investment will stay in place.

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