Labour’s Plans for Small Businesses Post-2024 General Election
Following the conclusion of the 2024 UK General Election, Labour has emerged victorious, signaling a significant change in government. Small business owners across the country are now looking towards the future and how Labour’s policies will impact them.
Business Rates and Taxation
Labour has outlined key proposals for business rates and taxation, including capping corporation tax at 25% and retaining the annual investment allowance for small businesses. Additionally, plans are in place to overhaul the business rates system to bridge the gap between online retailers and high street shops.
Reforming the British Business Bank
Labour aims to reform the British Business Bank to make it easier for small and medium-sized businesses to access capital and government contracts. The party also plans to address the issue of late payments to ensure smoother operations for small businesses.
Growth & Skills Levy and Skills England
Labour’s New Deal includes revitalizing post-16 education, increasing apprenticeships, and reducing unemployment among young adults. The party proposes broadening the Apprenticeship Levy into the Growth and Skills Levy to fund training and address skill shortages in various industries.
Tackling Energy Bills
Labour’s initiative, Great British Energy, aims to establish a publicly-owned energy company to reduce energy costs and accelerate the transition to net-zero. Additionally, the party plans to introduce a carbon adjustment border mechanism to protect industries that are decarbonizing.
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