By Lyndsey Hall
The General Election finally took place yesterday, and in a result that shocked the nation the Conservative party acquired a majority of votes. David Cameron will continue to act as Prime Minister for the foreseeable future, and coalition politics is a thing of the past. Ed Miliband, Nick Clegg and Nigel Farage have all stepped down as leaders of their respective parties in the wake of the election results, meaning there will be a significant shakeup in UK politics; whatever happens over the coming weeks.
Let’s look at some of the policies that helped the Conservatives win, and how UK businesses could be affected by the results:
Economy
Eliminate the deficit and build up a surplus by the end of the term
Full employment for all who are willing to work
Use money from capped benefits to fund 3 million more apprenticeships
Triple the number of start-up loans to 75,000
Education
30 hours free childcare for working parents of 3-4 year olds
500 more free schools by 2020
Tax
Raise Personal Allowance threshold to £12,500 and 40% tax over £50,000
No income tax for people working 30 hours on minimum wage
No rise in VAT or NI contributions
EU
Referendum on UK’s membership of European Union
Resist EU attempts to restrict legitimate financial services activities
Protect UK economy from further integration of the Eurozone
Pensions
Maintain triple lock on state pension, so it rises by the highest of the following: prices, earnings or 2.5%
Reward savings by introducing a new single-tier pension
Freedom to invest and spend pensions however they see fit
Transport
Deliver biggest investment in roads since 1970s
Deliver biggest investment in railways since the Victorians, including 850 miles of electrified railways
Start work on HS2, and continue development of HS3 Leeds to Manchester
Rural Affairs
Invest £2.3billion in over 1400 flood defence schemes, protecting 300,000 homes and businesses
Provide near-universal superfast broadband by 2020
Environment
Invest £500million in making most cars and vans zero emissions vehicles by 2050
With promises to invest in the country’s infrastructure: including roads, rail and digital; with superfast broadband being introduced nationwide, and a boost for zero emissions vehicles, as well as free childcare for working parents and a higher Personal Allowance for Income Tax, there is plenty to look forward to for UK businesses.
What are your hopes for this Parliament and the promises the Conservative party has made to UK businesses? We’d love to hear from you, leave us a Comment or get in touch on Facebook and Twitter.
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