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 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ensure that London as a financial centre is not held back by outdated practices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. Government has a vital role to play in providing 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 business, the government should be helping companies provide well paid jobs and prosperity. The extra growth generated will more than compensate for the loss of business taxes, with the decline in welfare payments reducing the need for corporate tax revenues.

We must slash bureaucracy for both listed and unlisted companies. Audit and governance requirements must be limited to those essential for businesses to flourish.

We must transform the approach of Companies House and HMRC. The first official contact new companies receive concerns tax, rules and regulations. Instead, we must focus on how government can help businesses establish and succeed. We must congratulate those registering new businesses and make available loans and grants on easy terms, with minimal form filling.

Vital is supporting new, small and medium-sized companies to achieve their full potential. Often the hardest part of a new company’s growth is recruiting its first few employees. We must examine ways to facilitate this process.

Stimulating entrepreneurship is indispensable for success. Changing attitudes to failure and risk is a key element in driving the establishment of vibrant, new businesses.