Small business support leaders have named access to finance, taxes, and sustainability support as some of their core areas of hope for pro-business policies ahead of the general election on July 4.
As both main political parties continue on their race to win the votes of Britain’s businesses, big and small, political uncertainty remains heightened within the entrepreneurial community.
A survey from retail banking group Shawbrook highlighted the need for stability, suggesting that 51 per cent of small business leaders have “expressed apprehension” over the general election ahead, with half saying political uncertainty was a “major concern”.
Emma Jones, founder of small business support platform Enterprise Nation, said it will be “imperative” for Labour and Conservative to put the country’s entrepreneurs at the top of their political agendas.
Jones said: “One of the key challenges has been getting access to funding and investment as well as paying tax.
We’d like to see the next government stamp out late payments, boost the confidence and skills of female entrepreneurs to apply for more investment and properly resource HMRC to take away the complexity of just paying tax.
Emma Jones, Enterprise Nation
“Across the board digital reforms like Making Tax Digital for smaller businesses will help boost digital adoption amongst early stage businesses, creating good practices right from the start, helping to boost cash flow and productivity in the longer run.”
The economy
Access to finance is a priority also highlighted by campaign group Small Business Britain, which has expressed the need for policies centred around SME sustainability support, funding, and inclusion.
The economic instability entrepreneurs have faced over the past few years cannot be “eliminated”, Small Business Britain founder Michelle Ovens said, but planning and growth policies can help pave way for a better future.
Ovens added: “We want to see the Government leading on ‘green growth’ and offering support that matches the passion of small businesses for sustainability, and the impact they can make.
“We want to see a real drive to boost inclusion and accessibility in entrepreneurship – particularly for disabled founders and other marginalised groups – recognising that a vibrant entrepreneurial climate is what is needed to help the country thrive.
We want to see policies that improve access to finance to supercharge this across the board.
Michelle Ovens, founder of Small Business Britain
The Labour party seemed to ignite a sense of hope with the launch of its plan for small businesses last year, titled “The Beating Heart of our Economy”, with other pro-business incentives following from the Conservative party when Rishi Sunak announced a “major reform” package for small business growth in March.
Labour proposed a variety of planning and growth initiatives, including a focus on late payments, business rates, high street growth, and scaling opportunities.
Whereas the Tories focused on apprenticeship investments, regulation, and the implementation of a new women-led investment taskforce.
Labour vowed to be “pro-business” and “pro-worker” after a letter backing the party was signed by 121 industry leaders and sent to the Times.
In the coming weeks, all parties will reveal their full manifestos.
We want parties to commit to a bold Small Business Act to take on some of the biggest issues that small business owners are coming up against.
Martin McTague, national chair at Federation of Small Businesses
McTague added: “It would help tackle the systemic late payment culture, which is a huge brake on investment, planning and growth, as well as addressing pre-profit taxes including business rates, to make them fit for purpose in a modern environment.
“We also want to see fairer access to finance and stopping the blanket use of personal guarantees, which often force entrepreneurs to put their homes and other assets on the line when taking out finance.”