Britain’s decision to leave the European Union came as a shock to a majority of the British entrepreneurs. The business houses detest political uncertainty. Many of the CEOs of these companies had already thought of changing the location of the headquarters to some other country. This decision is in order to avoid any inconvenience caused to the companies by the Brexit vote.
Considered one of the most successful places in the world to run a business, London is also the headquarter capital of Europe, be it officially or unofficially. Such steps are being taken to maintain an open, competitive, and mutually beneficial business relationship with the rest of EU. For this reason, a number of organizations have come together to create the Small Business Taskforce. This Taskforce includes The Entrepreneurs Network, Enterprise Nation, IPSE, Bright Ideas Trust, ICAEW, Global Entrepreneurship Week, Social Enterprise UK, NACUE, CFE, Coadec, National Enterprise Network, RSA & EISA. On a whole, this organization represents not only the established public houses but even small firms. It will work for the benefit of entrepreneurs of all levels.
Flexible Workforce with a Workable Tax Regime
This organization requests the government to provide unequivocal and clear reaffirmation of the permanent residence rights of EU citizens which are presently working in the UK. It will also ask the government to take steps in order to keep the labor market flexible. This would give the UK a comparative advantage over its other European competitors.
The government has already assured to lower rates of the Corporation Tax. But the organization will also call to not increase the National Insurance. An agreement from various departments will continue the consultation with those representing small firms instead of introducing any further tax changes.
Accessible Business Support and Consultation of Small Businesses
Over the years, many variations of support have been introduced such as Business Link, Growth Vouchers, Growth Accelerator, etc. The EU funds backed some of these programs. The organization will try to make funding available for business support and expenditure of these plans.
The Small Business Taskforce is mainly introduced to make sure that view of small business houses in trade deals and domestic policies are taken into account. This organization will offer the government a clear route to work with over a million small business houses and self-employed individuals.
Small Business Taskforce assures International Trade for all
According to statistics, one in five small firm businesses indulges in exporting currently. Exporting is beneficial for the economy as it increases productivity which leads to employment and growth. But along with opportunity, Brexit has also brought complication which might reduce the margins of the small firms. Therefore this is the most critical time to encourage such British firms to take their business at an international level. This would be helpful to address new ideas as well.
The Small Business Taskforce will recommend the government to encourage the smallest of firms with better export support. This will be in the form of Export Vouchers and Export Tax Credits. Such initiatives might result in rapid progress on trade deals with foreign countries that are eager to conduct business with the UK.