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The General Election: what are the parties promising to SME’s?

The 7 May 2015 has finally arrived and no doubt you will all have decided which party you will be voting for, however, for those of you who remain undecided we have put together a very brief summary of what the main parties are promising to businesses.

Conservatives

  • Target to cut ‘red tape’ by £10 billion in the next parliament.
  • Increase the National Minimum Wage (NMW) to £8 an hour by the end of the decade.
  • Introduce “Volunteering Leave” of 3 days per year per employee for larger companies and the public sector.
  • Compel employers of more than 250 employees to publicise gender pay gaps.

Labour

  • Tax cuts for small businesses.
  • Reduce business rates in first budget.
  • Tighten zero hour contracts.
  • Increase NMW to £8 an hour by October 2019.
  • Double paternity leave to 4 weeks and increase the statutory paternity pay by £100 a week.

Liberal Democrats

  • Prioritise SME’s for business tax cuts.
  • Push for Land Value Tax, a tax for rental value of land, eventually replace business rates.
  • Change zero hour contracts to allow employees to ask for fixed term contracts.
  • Make it mandatory for employers with over 250 employees to publicise gender pay gaps and by 2020 the number of people paid less than the living wage.

UKIP

  • Allow businesses to positively discriminate British workers and prevent employers from accessing EU schemes which encourage employers to employ non-British workers.
  • Cut business tax for small businesses who have a total taxable value of £50,000.
  • Stop big businesses delaying payments to small businesses.
  • Make is easier for SME’s to tender for public contracts.
  • 30 minute free parking in city centres to help the retail trade.

Green Party

  • Replace the NMW with a living allowance of £10 an hour.
  • Close income gap within companies with the highest paid worker being paid no more than 10% compared to the lowest paid worker.

Please note that the information in this blog is to provide information of general interest in a summary manner and should not be construed as individual legal advice. Readers should consult with SCE Solicitors or other professional counsel before acting on the information contained here.

Samira Cakali

Samira Cakali is a pragmatic and approachable solicitor advocate with extensive contentious and non-contentious experience in the fields of employment law as well as civil litigation, within a range of commercial businesses from SME’s to multinationals as well as senior executives.

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