The Party of Business
To deliver a Stronger Economy it's vital our country lives within its means.
That's why we've unveiled £47 billion worth of savings, to reduce the deficit and enable us to responsibly deliver tax cuts.
Our economic plan also involves reducing electricity costs with our Cheap Power Plan and cutting regulations that are holding businesses back.
Tax cuts, growth measures and Kemi’s Golden Economic Rule
For every £1 saved in public spending, at least half will go towards reducing the deficit.
The remainder will go towards affordable tax cuts and other pro-growth measures, including:
- Abolishing Stamp Duty Land Tax on primary residences
- Scrapping business rates for thousands of high street businesses
- Introducing a First Job Bonus a £5,000 tax cut for young people entering work for the first time, paid into a savings account
- Repealing the Family Farm Tax and safeguarding our food security
- Repealing the Family Business Tax to support the makers and risk-takers who drive economic growth
- Repealing the Education Tax supporting parents who invest in their children’s future
- Repealing the Energy Profits Levy backing our energy industry to create jobs and growth
Deregulation
We’ll free businesses from unnecessary red tape that holds back growth. To do this, we will:
- Repeal Angela Rayner’s Unemployment Bill, which costs businesses £5 billion and forces private firms to host union organisers in the workplace
- Make HMRC accountable by letting small businesses grade every interaction with HMRC
- Reform IR35 rules to simplify tax for the self-employed
- Make it easier to open business bank accounts by overhauling regulations that presume guilt
We are reviewing all regulations that are holding businesses back and will announce further deregulation in due course.
Business & The Conservative Party
Small businesses and local independent businesses are the backbone of our economy. For generations, the Conservative Party has been the natural ally of business. Throughout history, Conservative Prime Ministers from Peel to Thatcher to Cameron have focused on unlocking growth, backing enterprise, and giving businesses the freedom to thrive. Here is how some Conservative leaders throughout history have stuck to our tradition of backing British business:
David Cameron (2010-2016)
Under David Cameron, corporation tax was steadily cut from 28% to 20% declaring the UK 'open for business', leaving the UK with the lowest corporation tax rate in the G20.
"We need to campaign for capitalism. To promote profit. To fight for free trade. To remind, indeed, to educate, our citizens about the facts of economic life."
John Major (1990-1997)
The Major administration tamed inflation, cutting it from 9.7% to 2.6%, restoring stability for businesses, giving firms the confidence to plan, and paving the way for falling unemployment and reduced borrowing.
"[The State] had all but snuffed out the flame of enterprise. That was Britain's low point – and we changed direction."
Margaret Thatcher (1979- 1990)
Margaret Thatcher rolled back the frontiers of the state by deregulating the City and privatising British Telecom, British Airways and British Gas. Thatcher transformed the British economy through her decisive action of deregulation and privatisation inspiring an entrepreneurial spirit in Britain.
"Free enterprise has enabled the creative and the acquisitive urges of man to be given expression in a way which benefits all members of society."
Winston Churchill (1940 – 1945, 1951 – 1955)
Winston Churchill guided the British economy through the turmoil of the post-war years, rebuilding after the Second World War and finally freeing the country from rationing.
"Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon."
Sir Robert Peel (1834-1835 and 1841-1846)
Sir Robert Peel pushed Britain towards a free-trading state by repealing the Corn Laws, laying the foundations for the modern free-trade system.
"The real way in which we can benefit the working and manufacturing classes is, unquestionably, by removing the burden that presses on the springs of manufactures and commerce."
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