Navigating the ever-evolving landscape of business regulations can be challenging, especially with new policies on the horizon. As newly elected Labour look to introduce upcoming plans and policies, UK businesses need to stay informed and prepared for significant changes. Labour’s proposals, which range from tackling unpaid invoices to overhauling the business rates system, are set to reshape the business environment. Here’s a closer look at what these plans entail and how they could impact your business.
Unpaid Invoices: Did you know that around £20 million is tied up in unpaid invoices for UK small businesses at any given time? Labour plans to address this by introducing new laws that will require larger companies to disclose how quickly they pay their suppliers. These payment practices will need to be included in their annual reports, promoting transparency and prompt payments.
Business Rates: Labour is taking a critical look at the current business rates system, where taxes are based on the potential annual rent of a property. They aim to overhaul this system to reduce costs for small businesses and high streets while ensuring that large multinationals and tech companies pay their fair share. This could mean significant savings for smaller enterprises.
Energy Bills: One of Labour’s key pledges is the creation of ‘Great British Energy,’ a publicly owned clean energy company. This initiative aims to lower energy bills for small businesses by driving down costs through sustainable practices.
Access to Public Contracts: Labour has committed to making public contracts more accessible to small businesses. Their proposal includes ensuring that at least one small business is included on the shortlist for any contract that goes to tender. This opens up new opportunities for small enterprises to secure public contracts.
National Living Wage: Labour promises to introduce a ‘genuine living wage’ that truly reflects the cost of living. This would also eliminate age restrictions, ensuring that all adult workers receive fair pay. This change could impact wage structures and employee satisfaction positively.
Changes to Employment Law: Labour’s plans for employment law include lifting restrictions on trade union activities, ending fire-and-rehire practices, and banning exploitative zero-hour contracts. They also promise more employee rights from day one, including parental leave, sick pay, and protection against unfair dismissal. This could create a more stable and supportive work environment for your employees.
By staying informed about these potential changes, your business can better prepare and adapt to the evolving landscape. Labour’s proposals aim to support small businesses and create a fairer, more transparent market.
At MOMENTUM Business Support, we understand that navigating new regulations and adapting to changes can be overwhelming. Our team of experts is here to assist you in staying ahead of the curve. Whether you need help with compliance, strategic planning, or optimising your operations, we offer tailored solutions to meet your unique business needs. Let us help you thrive in this evolving landscape by providing the support and guidance necessary to turn challenges into opportunities. Contact us today to find out how we can make a difference for your business.
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