The Effects The General Election Could Have on Recruitment and Business In The UK
Unless you’ve been living on another planet for a while (which could possibly be a good thing, considering what is going on in the world), you’ll know that there is a general election coming up. On 8th June, to be precise. And while there are many things to consider when choosing which party to vote for, if you are a business owner or employer, then there are specific things to look for in each party’s manifesto.
At Get Staffed we’re not advocating one party over another – we just want you to have all the facts. So here they are!
Voting for Theresa May’s governing party in the general election certainly has its pros and cons. But whether or not you like the personalities involved, what about their manifesto? Well there is plenty there that relates to business. One of their pledges is to ensure that there would be a doubling of the payment companies have to make when employing migrant workers. This is currently £1,000 per employee, and would become £2,000 per employee by the end of 2017. The money will go towards skills training in the UK.
Share schemes will also be made much more transparent if the Conservatives win the general election. Companies will need to explain exactly how their shares are distributed, to ensure that everyone is above board.
The Conservative government also want more power to intervene in aggressive takeovers, particularly when it involves a foreign company.
Finally, the National Living Wage would be increased to 60 percent of median earnings by 2020.
Voting for Labour in the general election means voting for a cut in tax profits for small businesses. They will also scrap plans for the reporting of profits on a quarterly basis.
Plus, as the government, Labour will only use contractors with a record of paying small businesses on time.
There will be a ban on zero hour contracts and, unless the employer can prove otherwise, it will be assumed that the worker is an employee and is entitled to all standard workers’ rights.
They will also raise the minimum wage level to £10 by 2020.
The Lib Dems hope that the general election will see an upturn in their popularity which has declined of late. With regard to businesses, the Liberal Democrats are looking at boosting the economy with a programme of capital investment across all sectors – this is expected to allow businesses to thrive.
There will also be a new start up allowance so that small businesses can get off the ground without having to get into debt right at the beginning. It will offer businesses their living costs during the first few difficult months.
The Lib Dems will also support faster growing businesses, giving them the help they need to grow even faster and become important employers.