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Election 2024: Our plan for business will ‘turbocharge growth’, Tories claim

The Conservatives have claimed their plan for the UK’s businesses will “turbocharge growth and productivity” ahead of the July 4 general election. Photo: PA
The Conservatives have claimed their plan for the UK’s businesses will “turbocharge growth and productivity” ahead of the July 4 general election. Photo: PA

The Conservatives have claimed their plan for the UK’s businesses will “turbocharge growth and productivity” ahead of the July 4 general election.

Extending the full expensing policy to leasing, abolishing the main rate of self-employed national insurance contributions, and keeping the VAT threshold under review are among a series of measures to support firms the Tories are highlighting today.

Full details were outlined in the party’s manifesto, launched two weeks ago, which also includes efforts to limit red tape, a pledge to deliver a free trade deal with India and the Gulf states and boost public R&D spending by £2bn.

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It comes as business secretary Kemi Badenoch is set to speak at the British Chambers of Commerce’s annual conference.

“[We] have a plan for a future where hard work and doing the right thing are rewarded, not punished with higher taxes, or discouraged with unconstrained welfare,” Badenoch said.

“We celebrate aspiration and opportunity. We recognise that innovation and competition are the powerful forces that bring us prosperity and lift living standards.

“For Labour, private business is just a vehicle to pursue their political objectives – a managed economy, heavily regulated, heavily taxed and weighed down by trade union demands.”

The Conservatives criticised Labour’s plans to reform workers’ rights, and say the measures could discourage hiring and mean bosses are unable to move on unproductive employees.

Small business minister Kevin Hollinrake said if re-elected the Tories would “go even further” to support SMEs.

“Our clear plan will turbocharge growth and productivity across the country,” he said. “It’s clear other parties don’t hold our vital small businesses in the same esteem.

“Labour will shackle businesses with French-style punitive regulations and new, aggressive enforcement bodies, which will result in more red-tape, more tribunals and lower growth.”

But Jonathan Reynolds, shadow secretary of business and trade, said: “This is desperate nonsense from a Conservative Party that has failed to publish a business endorsement letter this election, because they haven’t got enough support, and failed to secure trade deals with the US and India, because they’re distracted by their own chaos.

“The Conservatives have not changed. Their Chancellor admitted their manifesto is unfunded and praised Liz Truss’s economy-crashing policies.

“The choice on 4 July is clear: stability for business with a changed Labour Party or economic chaos with the Conservatives.”