The outcome of the recent UK general election brings with it a raft of new government policies and promises. Many of these will have an impact on the economy as a whole, whilst some will impact certain sectors or industries more significantly than others.
What are the key elements?
The Queen’s Speech featured plans for over 30 new laws, but the ones that most relate to business included:
– The plan to officially leave the EU at the end of the January to become an independent trading nation
– The plan to introduce a points-based immigration system (including special fast-track visas for those wanting to work in the NHS)
– The plan to establish 20 Institutes of Technology across England
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How will these proposed new laws affect business?
The manner in which the UK leaves Europe will have a significant impact on business. Under the terms of the agreement reached by Boris Johnson, there will be a transition period of one year during which all regulations remain as they currently are. It is what happens after this that is essential.
The intention of the government is to negotiate a full and comprehensive trade deal with the EU bloc in the next 12 months. If this isn’t achieved, a no-deal scenario is possible, which almost all businesses and experts agree will be damaging. Businesses really need some clarity on future trading relationships.
The proposed immigration system will impact on business as it will make non-UK recruitment more complex and expensive.
The proposal for Institutes of Technology has been welcomed as a way of tackling the ongoing skills shortage that businesses face.
Some of the other elements that have been cautiously welcomed by business include the creation of a National Skills Fund, a review of business rates, and plans to boost spending on R&D and infrastructure.