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Election result could be good news for SMEs

13-06-2017

Small businesses are anticipating more support from the government in the wake of the general election result. According to Dr Adam Marshall, director general of the BCC,  SMEs “want to see a workable government formed and they want it to be focused very strongly on the practical issues around doing business and the economy.” He added: “The tone has to change over business, which is not a problem to be solved, but is part of the solution”. Meanwhile, Clive Lewis, head of enterprise at the ICAEW, said: “Business didn't really seem to feature much in any of the parties' manifestos and I think that's a priority for whichever government is formed, getting a focus on business.” Elsewhere, Emma Jones, founder of Enterprise Nation, says the general election result could ultimately benefit small businesses by delaying some of the more onerous business reforms in the Conservative manifesto. She says these include the Tories’ proposed expansion of statutory worker rights, which would increase costs and bureaucracy for SMEs, and the planned digital tax data requirements, which would be “simply unworkable” for many small business owners. However, Ms Jones cautions that other much-needed reforms - such as the introduction of Export Vouchers and a thorough review of business rates – could also be delayed. The election result has also prompted speculation that a ‘softer’ Brexit is now a possibility, providing a fresh opportunity for the UK to negotiate maximum access to the European single market.

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