Each industry has its own priorities – 

With the General Election taking place, every company, industry and sector will be thinking about what outcome could be the best for them and their employees. 

Not every business will get everything on its ideal wish list.  Some might get a lot while other areas might feel they have totally been ignored and overlooked. 

In the first of a two part series, we’ll look at what policy preferences various industry bodies and spokespeople have put forward as their priorities and what they could mean for your business if you are in one of these sectors. 

In the second part, we’ll look more closely at the parties’ manifestos and what they could mean for directors, business owners, SMEs and entrepreneurs depending on the outcome in a month’s time. 

Hospitality

Kate Nicholls, Chief Executive of UKHospitality, said: “Hospitality businesses lie at the heart of every constituency in the country. In serving Britain, the sector creates places where people want to live, work and invest. 

“We need to see all parties recognise this and we’ll be working hard on behalf of our members during the next few weeks to ensure manifestos from across the political spectrum reflect the strategic importance of our sector.

“We need to see evidence of measures that can unlock the potential of our sector. These include promises of action to lower the tax burden on our industry, initiatives that give us greater access to workers and other measures that will support us in creating more jobs and further upskilling the workforce.”

Michael Kill, CEO of the Night Time Industries Association said: “Our sector has been particularly hard hit by the challenges of the past years, from the impact of the pandemic to regulatory uncertainties. 

“It’s crucial that the elected government works towards a comprehensive and long term plan that addresses these challenges and supports the recovery and growth of our industries. 

We call upon all parties to prioritise the needs of the night time economy in their election manifestos and commit to policies that will support its revival and sustainability. This includes measures to ensure the safety and security of our venues, support for cultural initiatives and investment in skills and training for our workforce. 

Retail

Helen Dickinson, chief executive of the British Retail Consortium, said: “With an election only a few weeks away, political parties have a role to play by having policies that mean retailers can invest in rejuvenating shopping destinations across the UK.

“A broken business rates system and outdated planning laws are holding back the industry – politicians of all stripes must address these issues. 

“This will boost economic growth, lift consumer spirits and help drive more shoppers back to our high streets and other retail destinations. 

Labour has already pledged to replace business rates with a new system of business property taxation as part of a five-point plan to revive high streets. The Conservatives have held several consultations on the issues but haven’t made any major changes to the system during their 14-year time in office. 

Consumer analyst Diane Wehrle from Rendle Intelligence said there was an underlying structural shift away from physical shops as well as an ongoing effort by households to save money because of a surge in the costs of essentials such as food and energy bills.

“Wage inflation is now outpacing price inflation but there’s a lag as time is required for consumers to react. They’ve had a year of struggling and probably using their savings.”

She added that the shift to working from home had enlivened some smaller towns but led to quieter streets in big cities, particularly on Mondays and Fridays. Although she also pointed out that fewer shoppers did not necessarily mean less money spent as people were doing less browsing and those who visited town centres were more inclined to spend.

This is against a backdrop of falling consumer footfall with May seeing a 3.6% annual decrease, although this is an improvement on the 7.2% annual reduction seen in April.

Construction

12 of the UK’s biggest construction contractors and consultants have published their own “Blueprint for Growth” – outlining 12 recommendations they want to see a future government implement to boost economic growth and productivity. 

Contributors include Balfour Beatty, Costain, Galliford Try, Mott Macdonald and VolkerWessels UK. 

Among their recommendations/requests are:

  • Appoint a cabinet minister for infrastructure and increase private investment in same
  • Simplify judicial review process
  • Introduce self-certification system to accelerate delivery of infrastructure projects
  • Improve/transform the Apprenticeship Levy
  • Keep flexibility in immigration system

Education

Daniel Kebede, General Secretary of the National Education Union laid out the priorities for the education sector. 

He said: “Education must be a priority for any political party wanting to form the next Government.

“Our schools are chronically underfunded. Primary class sizes are the highest in Europe and secondary class sizes are the highest since records began more than forty years ago. 

“Teachers are underpaid and overworked, resulting in the worst recruitment and retention crisis in a generation. That will not be reversed unless there is a significant change to pay and terms and conditions of the education workforce. 

“SEND provision and mental health support for our young people is practically non-existent. Many school buildings are in a chronic state of disrepair, literally crumbling away with the ongoing effects of RAAC and asbestos.

Manufacturing

Make UK have published their own manifesto outlining five specific measures manufacturers want to see implemented within 100 days of a new administration. This includes:

  • Announcing a long-term modern industrial strategy to underpin all economic policy making with cross government commitment. 
  • Align the UK Carbon Border adjustment Mechanism with the EU CBAM to provide a level playing field with EU manufacturers
  • Launch a root-and-branch review of the Apprenticeship Levy both as a funding mechanism as well as the wider apprenticeship system
  • Re-establish an updated, modern Manufacturing Advisory Service
  • Establish a mechanism for ongoing and active consultation with industry to decide where it is appropriate to maintain alignment with EU regulatory changes or where opportunities for divergence might apply

Make UK CEO Stephen Phipson said: “The policy landscape in which manufacturers operate has changed significantly in recent years and more changes are yet to come. From the transition to net zero to rapidly accelerating and game-changing technological change. 

“To keep up with these changes and to take advantage of the many opportunities ahead, we need a vision from the next government which recognises the scale of these challenges.

Entrepreneurs

Triin Linamagi, founder of an early-stage capital platform Sie Ventures wants to see changes to the tax system to increase the number of companies being created. 

He said: “We’d like to see continued tax incentives for high net-worth individuals to invest in UK tech companies. We advocate for increased government incentives and initiatives to foster a more diverse and inclusive tech ecosystem. 

“This could include tax incentives for investors supporting companies with diverse founders as well as initiatives to support accelerators and funds that address the UK’s diversity gap. 

“Creating a more fair and equal support ecosystem is vital to make sure that the UK will remain the best place to start and scale companies.”

Karoli Hindriks, co-founder of global mobility platform Jobbatical, said: “High-growth businesses want to see an end to the talent shortage in the UK, with critical skills gaps across sectors like healthcare, engineering and AI. 

The costs of the visa process is staggering compared to other European countries. Skilled workers on a path to permanent residency in the UK can cost nearly three times what they would in Australia, 12 times what they would in Canada and around 43 times that of Germany. 

“Policymakers must engage earnestly with companies to find solutions. Alienating the employers driving our economy is counterproductive if the aim is sustainable, inclusive growth benefiting all.”

Erika Brodnock MBE, co-founder of coaching platform Kinhub, said: “Our relationship with work has changed drastically over the past few years and as a result there are more people out of work, or in different forms of employment, than ever before. 

“I want to see the government prioritise productivity and career coaching for those in and out of work across the UK.”

General Policies

Workplace Savings Schemes

The Building Societies Association wants to see the introduction of a workplace savings scheme based on research that shows 14 million UK workers have less than £100 in savings and nine million have no savings at all.

Under the proposals a set amount of savings would be deducted directly from payrolls by companies with more than 250 employees, similar to how pensions work. 

Boost Sick Pay

The Association of British Insurers wants sick pay boosted with it being extended to the first day of leave and the scheme extended to lower earners.  

They also think small and medium sized businesses should be refunded for statutory sick pay costs if they provide effective health services and return-to-work support.  They claim these policies would boost productivity, would reduce health and protection payouts by specialist insurers and boost take-up of insurer-supplied health and wellness services.

Tech and Social Media firms pay out for fraud

The City lobby group UK finance would like large tech and social media companies to contribute £40 million a year to reimburse customers for fraud committed using their platforms. 

Currently a voluntary scheme is in operation where tech firms agree to reduce fraud on their platforms but UK Finance wants this made mandatory and to force online platforms, internet service providers and tech firms to be covered by the economic crime levy which would force them to pay towards the cost of tackling economic crime and reimbursing victims of fraud.  Currently this falls to banks. 

Appoint an AI Champion

The British Chambers of Commerce would like the next government to create a “framework of trust” around AI including the appointment of an AI champion that would support digital skills and development in SMEs. 

“A new government must provide the right support to businesses to make the most of these radical advancements and no small business should feel left behind. An AI champion will ensure that is not the case.”

Fiscal Policy Reform

The National Institute of Economic and Social Research (NIESR) wants to see some public policy changes including using the net worth of the public sector as a target which would provide a better measure of the sustainability of public debt. 

They would also like to see public infrastructure investment discounted from the national deficit so it would be separated out from day-to-day spending commitments and have the budget and other fiscal events fixed in the calendar as specific dates to provide additional certainty. 

No matter which party wins the election in July, changes will be coming that will affect every business in the country. 

But there is still time to act and make some important and effective changes to your company before they arrive. 

We offer a free initial consultation to any director that would like to talk in more detail about what options they have and how they can best bring about the changes they want to see for their firm. 

They can then begin to implement them and hopefully benefit in the short and medium term – but only if they make an important decision and get in touch with us first!