News

General election business pledges in five bullet points per party

4 min read

25 May 2017

Former editor

The manifestos British political parties publish ahead of a vote are pretty long these days, so Real Business has summarised the general election business commitments.

Despite the surprise nature of this year’s general election, prime minister Theresa May only provided 49 days for parties to prepare, Labour, the Liberal Democrats, UKIP, SNP, Green Party and the incumbent Conservatives have all quickly assembled the general election business policies each believe will win votes.

To help guide you, as a business owner or manager, towards making your vote on 8 June, here are each of the general election business pledges of the six main parties (by popular vote count in 2015) boiled down into five bullet points.

2017 general election business policies

Conservatives

  • Increase personal allowance to £12,500 and higher rate of tax to £50,000 by 2020
  • Continue cutting corporation tax to 17 per cent by 2020
  • Require overseas acquirers make clear intentions from outset of M&A bid process
  • Legislate to make executive pay subject to “strict annual votes” by shareholders
  • Full review on business rate system and ensure revaluations are more frequent to avoid large changes

Look at the Conservatives manifesto in full

Labour

  • Lower threshold for 45p rate of income tax from £150,000 to £80,000 and introduce new 50p rate on earnings over £123,000
  • Eradicate zero-hours contracts
  • Increase corporation tax to 26 per cent
  • Move minimum wage up to £10 mark by 2020
  • Create a “National Investment Bank” to provide £250bn of infrastructure-based lending

Look at the Labour manifesto in full

Liberal Democrats

  • Expand the activities of the state-owned British Business Bank
  • Introduce a “startup allowance” to help owners of new businesses with living cost help in first few weeks
  • Reversal of Conservative policies to cut corporation tax, reduce capital gains tax and extended relief
  • Business rates review, making the tax “the priority” for any future business tax cuts
  • Require binding and public votes of board members on executive pay policies

Look at the Liberal Democrats manifesto in full

UKIP

  • Cut business rates by 20 per cent for 1.5m with premises rateable value of less than £50,000
  • Pressure local authorities into providing “at least” 30 minutes of free parking in town centres
  • Review of public sector procurement to open up contracts to SMEs employing less than 250
  • Mandate that employers must advertise jobs to British citizens before overseas ones
  • Introduce policy meaning “highly-skilled” workers international workers with job offer paying more than £30,000 prioritised

Look at the UKIP manifesto in full

SNP

  • Business rates “slashed or abolished” for almost 100,000 premises
  • Introduce new Jobs Grants for young people aged 16-24
  • Commitment to provide superfast broadband to all of Scotland by end of next parliament
  • Increase tax-free allowance to £12,500, freeze basic rate of income tax and increase higher rate in line with inflation
  • Expand upon Small Business Bonus scheme, meaning number of businesses paying no rates will increase

Look at the SNP manifesto in full

Green Party

  • Phase in four-day working week and abolish zero-hours contracts
  • Increase minimum wage to £10 by 2020
  • Require that 40 per cent of public company and public sector boards are made up of women
  • Wealth tax on top on per cent of earners
  • Use RBS to create network of “local people’s banks” obliged to lend locally

Look at the Green Party manifesto in full