Brexit & EconomyPoliticsLabour pledges £6bn cut in business regulation costs

Labour pledges £6bn cut in business regulation costs

Avoiding unnecessary red tape pledge from Labour

Labour launched its
manifesto
today with a pledge to slash more than £6bn off the cost of business regulation
by 2015.

The party document promised to achieve the saving by continuing to “simplify
regulation and avoid unnecessary red tape”, and added if used correctly
regulation can help drive innovation, as well as protect workers and consumers.

Labour also promised to keep business taxation “competitive”, at the same
time increase capital allowances to encourage investment.

Wealth creation and cuts in red tape are ‘at the heart’ of Labour policy
according to the party document, which sets out Labour’s stall ahead of the 6
May General Election Gordon Brown announced last week.

In the chapter ‘Building the high-growth economy of the future’, the
manifesto states: “At the heart of our approach to building a strong and fair
Britain is a commitment to support enterprise.

“We will back those who want to get on, work their way up, and generate
wealth.”

The party promises small businesses help with their cash flow through the
Government’s ‘Time to Pay’ scheme of tax and National Insurance Contributions
deferral, and by a one-year holiday on business rates for small businesses,
measures announced in last month’s Budget.

Similarly it reiterated its pledge to create a new Small Business Credit
Adjudicator with statutory powers ensuring SMEs are not turned down unfairly
when applying to banks for finance.

Labour said it was doubling the Entrepreneurs Relief lifetime limit to £2m in
recognition of the “special contribution” of entrepreneurs make to the economy.

Future plans included creating a new generation of entrepreneurs by ensuring
those studying for vocational skills are offered opportunities to learn how to
start and run a business.

This article originally appeared in our sister website
ifaonline.co.uk.

Further reading:

Hundred
Group says no to annual chairmen elections

Tories
and Labour trading election blows on tax

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