prioritise the issues that are hindering growth, such as skills shortages, an unfair business rates system, infrastructure planning and safeguarding international supply chains. “Delivering a long-term, stable industrial strategy that works
for all parts of the country is essential to unlock productivity and economic growth.” Danny Roberts, Managing Partner at DFA Law, said: “Elections
can often cause uncertainty to the public, and the housing sector in particular, which has been anything but steady since 2020, may be directly aff ected in the run up to July. “It is perhaps a strange time to hold an election with infl ation
again falling – why not wait so see if it falls further? Money in pockets is often the biggest incentive to voters. “Labour appear to be strong favourites to get the keys to Number 10 and it will be interesting to see how the anticipated higher taxes impact the UK economy generally and how the big corporates react.” Charlotte Anderson, Practice Leader at Grant T ornton UK, out-
lined how mid-market business optimism is currently faring and what business leaders in our regions are saying they most need from a future government. “As parties start to lobby for votes in the run up to July 4, the
policy areas mid-sized businesses (often regarded as the engine of the UK economy) most want to see the next government focus on are investment in skills and training, reducing regulation and red tape, and measures to support the transition to net zero. “Drawing from Grant T ornton’s April Business Outlook Tracker,
it’s clear that mid-sized businesses are feeling more positive than they have for some time. T e indicators for business confi dence in the outlook of the UK economy and for their own revenue growth and funding position all surpass the Tracker’s rolling average for the last three years.
“T is optimism follows a period of record lows in the latter half
of 2023, signifying renewed confi dence in the UK’s economy. “With infl ation now reported at 2.3%, its lowest level for nearly
three years, it is perhaps close enough to the Bank of England’s target of 2% that a June interest rate cut may be on the cards. T is positive outlook sets the stage for continued business confi dence as the country prepares to head to the polls. “However, the process of a General Election and the associated
range of potential policy changes suggested can create uncertainty and directly aff ect business sentiment and confi dence. We’ve seen from our Business Outlook Tracker that wherever there is a sudden, or unexpected, change in policy direction, mid-market confi dence is correspondingly affected. But with UK debt levels high and recent warnings from the OECD for fi scal prudence in any election pledges, there may be less opportunity for the political parties to put forward diff erentiating, stand-out economic policies, reducing the uncertainty created this time compared to previous elections.” Jennifer Thomas, Development Manager, Leicestershire,
Northamptonshire & Rutland Federation of Small Businesses said: “Small business owners and self-employed people across the county will be looking for who puts forward the most pro-growth, pro-business policies to stimulate the economy and encourage entrepreneurship. We’ll be hoping that our 2,000 members in Northamptonshire cast their votes to ensure the small business voice is heard loud and clear. “With almost 54,000 self-employed people and 33,800 SMEs in
Northamptonshire, small businesses form a strong and motivated section of the electorate and candidates take them for granted at their peril. We need to see practical and convincing small business sup- port pledges around bringing down the cost of doing business, and to create the right conditions for businesses to start, thrive and grow.”
Stephen Watts
Danny Roberts
Justin Richardson
Jennifer Thomas
Charlotte Anderson
29
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