Parties put role of small businesses high on the agenda
It is now a little over a week to go until the National Assembly elections and each of the larger parties have released their manifestos.
It will come as no surprise that we have been keeping tabs on the policies that each have put forward to see what our members might expect in the next Assembly.
Back in October we published our own manifesto and I have been particularly interested in how the main parties have taken on board some of our key asks.
The policy platform put forward by each of the parties is different, but I am pleased to say that each of the manifestos from the main parties contains something that accords with our own policy recommendations going into this election.
Plaid Cymru was the first of the main parties to put forward its proposals, contained in a particularly comprehensive manifesto that runs to more than 190 pages. There are a variety of business-related policies on offer, including a sizeable extension of small business rates relief - taking premises with a rateable value of up to £10,000 out of the tax, and extending the taper to premises with a rateable value of £20,000.
Its manifesto – The Change Wales Needs – also promises a Regulatory Reform Act, designed to lower the bureaucratic burden on small businesses in Wales and a new “WDA for the 21st Century”.
The Welsh Liberal Democrats’ manifesto, A Wales that Works For You, features some business policies that are familiar to us at FSB Wales, notably a statutory duty for economic development to be placed upon local councils and a Small Business Administration to support the development of small firms - albeit as part of a Welsh Development Bank.
The Green Party’s manifesto con- tains a commitment to support the development of a level playing field for small and medium-sized businesses, and to support publicly funded institutions to increase the proportion of goods and services they source from Wales.
Looking at Ukip’s manifesto – Raising the Dragon – you will see that it also proposes a statutory duty to promote economic development for local authorities. Ukip also says it would ensure that North Wales is integrated into the opportunities of the Northern Powerhouse.
The Welsh Conservatives are proposing the extension of Small Business Rates relief to more small businesses, together with the splitting of the business rates multiplier – something that would bring Wales in to line with both England and Scotland in offering a lower rate multiplier for small firms.
The Conservatives are also offering to create an arms-length body to lead on integrated transport in Wales, similar to the Transport for Wales concept we put forward in the FSB’s own manifesto.
Labour was the final party to reveal its manifesto. It has promised “tax cuts for all small businesses”, helping 70,000 businesses in Wales.
This looks set to be in the form of a cut in business rates, a welcome departure from the policy of recent years, and something we would be interested to see more detail on.
Labour is also promising a Welsh Development Bank, something that work began on during the previous Assembly, and enhanced support “for home-grown businesses that have the potential to become global leaders.”
I think it is fair to say that there is a good deal of policy touching on small businesses across the party manifestos, and I am sure that our members will consider such policies when they come to cast their votes.
Of course, there are many other smaller parties and independents standing in Wales’ constituencies and I am sure that our members will be interested in learning about their policies too. But whatever the results may be after May 5, the breadth of policy being put forward at this election suggests the role of small businesses in the economy will be high on the agenda of the next Assembly.