3 Ways We Hope the Next Labour Government Supports British Industry
Sir Keir Starmer will take the reins as Prime Minister. The dust will settle after the general election. We feel a palpable sense of anticipation in the air. At James Robertshaw, we've seen many changes over our 160-year history. Today, we look forward with optimism to what the new government might bring for British industry.
We remain non-partisan because we believe good ideas can come from all quarters. The incoming Labour administration can make a real difference in three key areas.
1. Support Local Businesses
Local businesses are the backbone of the UK economy. They provide employment and foster innovation. They contribute to the unique character of our communities. We hope the new government will prioritise policies that allow local enterprises to thrive.
To that end, there are several things we hope the next government can do for all of us.
Tax Relief
One of the most impactful ways to support local businesses is through targeted tax relief. The past decade has seen SMEs grappling with thin margins and high operational costs. A reduction in business rates or corporation tax for smaller companies could be transformative. It could free up crucial funds for investment in growth, innovation, and job creation.
For example, a 5% reduction in corporation tax for SMEs could allow local manufacturers to invest in new machinery. This investment could increase production capacity and create new jobs in communities across the country.
Investment in the Hospitality Industry
The hospitality sector has faced unprecedented challenges in recent years. Brexit uncertainties and the COVID-19 pandemic have taken their toll. We hope to see targeted investment and support for this sector.
Grants for outdoor space improvements could help revitalise our high streets. They could boost local economies across the country. Improved outdoor spaces could attract more customers to restaurants and cafes. This could encourage neighbouring businesses to make similar improvements, creating more vibrant and economically active town centres.
2. Support for Sustainability Initiatives in Building and Planning
Climate change feels like a constantly growing challenge. Sustainability has moved from being a nice-to-have to an absolute necessity. We hope the new government will double down on efforts to make the UK a leader in sustainable building practices.
Preparations for Different Weather Patterns through Building and Planning
Climate change is already affecting our weather patterns. We see more frequent heat waves and extreme weather events. We need forward-thinking building and planning regulations. These regulations should take these changes into account.
We hope to see planning guidelines that prioritise passive cooling methods and energy efficiency. These approaches could significantly lower energy costs and carbon emissions for businesses and homeowners alike.
Preference for Low-Energy Use Building Ideas
The Future Homes Standard and Future Buildings Standard are steps in the right direction. More can be done. We'd like to see stronger incentives for low-energy building solutions. These could include tax breaks or grants for incorporating energy-efficient features in both new builds and retrofits.
Such initiatives could help thousands of households reduce their energy bills. They would also support the growth of the green technology sector, creating jobs and fostering innovation in sustainable industries.
3. Support for Aspirations
We hope the new government will foster an environment where businesses and individuals can aspire to grow and succeed. This should apply regardless of background or current circumstances.
Addressing the Cost of Living Crisis
The ongoing cost of living crisis affects both businesses and consumers. We hope to see comprehensive measures to tackle this issue. These could range from energy price caps to support for wage growth.
By easing financial pressures on households, we can help ensure people have disposable income to support local businesses and invest in their communities.
Improve Economic Mobility
We believe in the power of social mobility to drive innovation and economic growth. We hope to see increased investment in education and training, particularly in the trades. This could include expanded apprenticeship programs and support for adult education.
New government-funded apprenticeship programs could help train the next generation of skilled workers. This would not only provide career opportunities for young people but also help address skills shortages in various sectors.
Enhance Opportunities for Trades and Sole Traders
Small businesses and sole traders are often the unsung heroes of the British economy. We hope the new government will implement policies to support these entrepreneurs. This could include simplified tax and regulatory systems. It could also include improved access to funding and business support services.
Programs that help tradespeople transition to running their own businesses could foster a new generation of SMEs. This would drive innovation and competition across various industries, benefiting consumers and the broader economy.
Conclusion
As we enter this new political era, we're excited about the potential for positive change and growth in the coming years. The new Labour government has the opportunity to create an environment where British industry can truly flourish. They can do this by supporting local businesses, promoting sustainability, and nurturing aspirations.
Whatever the future holds, businesses across the UK will continue to adapt, innovate, and strive to offer the best products and services to their customers. Here's to a bright future for British industry!
