With elections looming on December 12 and party manifestos still to be published, the NHF/NBF gets ahead with a look at the policies the three main parties are likely to adopt, which will affect salon businesses.
|Wages||·Increase NLW to £10.50 per hour within 5 years.
·Reduce NLW age threshold from 25 to 23 from 2021 and to 21 by 2024.
|·Increase NLW to £10 per hour from age 16 in 2020.
·4 day working week (32 hours) within 10 years.
|·Independent review on how to set a Living Wage across all sectors.|
|Self-employment||·Commitment to the Good Work Plan.
·Greater protection for people working in the gig economy.
|·Modernise the law around employment status.
·Clamp down on ‘bogus self-employment’ with the burden of proof shifting to employers.
|·Scrap zero hours contracts|
|Small businesses||·£31 million package of support to help small businesses grow. Corporation tax is set to fall from 19% to 17% in 2020/21.
·Pledge to keep 3 million businesses out of VAT by maintaining current VAT thresholds (£85,000).
|·Raise the main rate of corporation tax to 26% over 3 years, with a small profits rate of 21% for businesses with turnover of less than £300k.||·Scrap corporation tax in favour of a ‘British Business Tax’.|
|Business rates and the high street||·Pledged £3.6bn Towns Fund to re-energise local economies, including £1bn for Future High Streets Fund.||·Reform business rates, including switching from RPI to CPI.
·Pledged £250bn for businesses to stop high streets deteriorating.
|·Review business rates, especially for small businesses who would be priorities for any future business tax cuts.|
|Apprenticeships and T-levels||·Pledged to spend £2.45bn on apprenticeships in 2019-2020.
·May review the apprenticeship levy.
|·Investment for colleges to deliver T levels and pre-apprenticeship trainee programmes.
·Double the number of apprenticeship completions at level 3 by 2022.
·Maintain the apprenticeship levy.
|·Expand higher vocational training eg higher apprenticeships, foundation degrees.|
|Brexit||·Deliver Brexit with the deal agreed with the EU.||·Secure the deal agreed with the EU and then hold a referendum with Remain as an option.||·Put the Brexit deal to a public vote with Remain as an option.|
Hilary Hall, chief executive of the NHF/NBF, commented: “The parties will confirm their policies when they publish their manifestos so the details may still change. Both Labour and Conservative are committed to raising minimum wages and protecting the rights of people working in the gig economy. There are clear differences in the parties and their approach to corporation tax and on Brexit. It’s important that salons take the time to look at party policies because there’s no doubt they will affect you and your business in the years to come.”