Business
We know that our prosperity depends on the success of business and commerce. We must free business to deliver growth.
| The Peoples Party must: |
|---|
| abolish Corporation Tax and exempt the first £30,000 of profit for the self-employed from income-based taxes. Dividends over allowances would be subject to Education and Health Tax |
| abolish Employers' National Insurance contributions and Self-Employed National Insurance contributions |
| abolish Business Rates for small businesses |
| abolish business red tape, particularly in employment matters and replace it with a “short” business charter |
| limit the scope for commercial litigation |
| introduce easy-to-secure start up loans for new businesses and do everything possible to encourage entrepreneurship |
| ensure that London as a financial centre is not held back by outdated practices |
| introduce regional stock exchanges, allow companies to sell shares with the minimum of regulation, underwrite share issues to encourage new and expanding businesses. Do all that we can to spur investment in new and existing firms |
| ensure that innovation hubs, maker centres and accelerators are established across the country |
Every step must be taken to make Britain the most attractive place to start, run, expand, and invest in business. The government has a vital role in creating the right environment for enterprise. Excellent public services are one essential component.
Taxing UK-based businesses makes no economic sense and, with globalisation, is increasingly unfair, international agreements notwithstanding. Money should be left with entrepreneurs and companies to do what business does best: invest in creating wealth.
Instead of taxing businesses, the government should support companies in investing to create well-paid jobs and prosperity. The additional growth generated will more than offset the loss of business taxes, along with the associated decline in welfare payments.
We must cut bureaucracy for both listed and unlisted companies. Audit and governance requirements should be limited to those essential for businesses to thrive. We need to transform the approach of Companies House and HMRC. The first official contact new companies receive concerns bureaucracy. Instead, we should praise those registering new businesses and make loans and grants available on easy terms, with minimal paperwork.
We must return to being a nation of makers, not just consumers. It is vital to support new, small, and medium-sized companies in reaching their full potential. Often, the hardest part of growing a new company is recruiting its first few employees. We need to explore ways to make this easier.
Encouraging entrepreneurship is essential for success. Changing attitudes to failure and risk is a key part of fostering the development of vibrant, new businesses.