Labour’s business manifesto commits the party to cutting and freezing business rates for smaller firms, as well as keeping corporation tax the lowest in the G7.
Launching the party’s manifesto, Labour leader Ed Miliband pledged to set up a new independent national infrastructure commission to: “break the cycle of dither and delay that’s left our country creaking. Trying to run a 21st century economy on 20th century foundations”.
He also moved to reassure the sector that his party would provide stability, stating: “We won’t be a government that kicks over the traces for the sake of it.”
To demonstrate this, he committed the party to retaining and improving Local Enterprise Partnerships rather than “instigating another disruptive top-down reorganisation”.
Ion Fletcher, director of policy (finance) at the British Property Federation, welcomed the move but said: “We would like to see all SMEs, which represent roughly two thirds of properties but account for just 6% of rental income, removed from business rates entirely.
“We would also like to see Labour commit to a full review of business rates, as the current government announced earlier this month, as that is the only way to address much of the deep-seated unfairness in the current system.”
