The UK General Election is a crucial event for the country, as it determines the future direction of our government and policies. But for small business owners and professionals, it holds even more significance. With the upcoming General Election on July 4, 2024, small business owners and professionals are eagerly waiting to see what the next government will bring for them.
As the backbone of the UK economy, small businesses and SMEs (Small and Medium-sized Enterprises) play a vital role in creating jobs, driving innovation, and contributing to economic growth. According to the Federation of Small Businesses, there are over 5.9 million small businesses in the UK, accounting for over 99% of all businesses. These numbers highlight the significant impact that small businesses have on the UK economy and why their needs and concerns must be addressed by the next government.
So, what do small business owners and professionals want to see from the next government? Here are some of the key areas that they hope the next government will focus on to support and foster the growth of small businesses in the UK.
1. Simplification of Taxes and Regulations
One of the top concerns for small businesses is the complexity of the UK tax system. The current system is often seen as a burden for small businesses, with many struggling to understand and comply with the various taxes and regulations. Therefore, small business owners and professionals are hoping for a simplified tax system that is easy to understand and comply with.
In addition to taxes, there are also various regulations and red tape that small businesses have to deal with, which can be time-consuming and costly. The next government needs to address these issues and work towards streamlining regulations to make it easier for small businesses to operate and grow.
2. Access to Funding and Support
Access to funding is crucial for the growth and survival of small businesses. However, many small businesses struggle to secure funding from traditional sources such as banks. The next government needs to address this issue and provide more support for small businesses to access funding. This could include initiatives such as tax breaks for investors in small businesses, government-backed loan schemes, and grants for startups and small businesses.
In addition to funding, small businesses also need support and guidance to navigate the challenges of running a business. The next government should focus on providing resources and support for small businesses, such as mentoring programs, workshops, and networking opportunities.
3. Investment in Infrastructure and Technology
Small businesses rely heavily on infrastructure and technology to operate and compete in today’s digital age. Therefore, the next government needs to prioritize investment in infrastructure and technology to support the growth of small businesses. This could include improving broadband and mobile connectivity, investing in digital skills training for small business owners and employees, and promoting the use of digital tools and platforms for small businesses.
4. Affordable Business Rates
Business rates are a significant expense for small businesses, and many struggle to keep up with the rising costs. The next government should review the current business rates system and work towards making it more affordable for small businesses. This could include measures such as introducing a small business rate relief scheme or capping business rates for small businesses.
5. Brexit Impact
The outcome of Brexit has been a major concern for small businesses, and the next government needs to address the impact it will have on them. Small businesses are worried about potential tariffs and trade barriers, as well as the availability of skilled workers and access to the European market. The next government needs to provide clarity and support for small businesses to navigate the changes brought on by Brexit.
In conclusion, the General Election 2024 holds great significance for small businesses in the UK. Small business owners and professionals are looking to the next government to address their concerns and provide support to foster the growth of small businesses. By simplifying taxes and regulations, providing access to funding and support, investing in infrastructure and technology, and addressing the impact of Brexit, the next government can create a favorable environment for small businesses to thrive and contribute to the UK economy. Let’s hope that the next government takes into consideration the needs and aspirations of small businesses and works towards creating a brighter future for them.