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The Institute of Directors’ election manifesto calls on the next Government to reduce the tax burden to allow owners and managers to increase investment in their businesses.
The IoD’s policy paper, A Framework for Competitiveness: Manifesto for Small and Medium-Sized Enterprises, states that lower tax rates would encourage more entrepreneurs to set up and develop their own firms and help to attract overseas investment into the UK.
It also highlights the need to cut the amount of red tape facing employers and stresses that new regulation should be introduced as a last resort.
The IoD believes ministers should be under a duty to consider alternatives to regulation such as codes of conduct, before introducing additional legislation.
The manifesto states that guidelines to regulations for employers should be succinct and greater use of “sunset clauses” should be made in legislation so that unless regulations are specifically renewed they will cease to apply at a set date.
The IoD wants the Government to give employment tribunals greater freedom in awarding costs to those employers who are exonerated at employment tribunal hearings in order to compensate tem for legal expenses they might have incurred when defending cases.
The organisation also says priority must be given to raising standards of literacy and numeracy and equipping pupils and students with IT skills.
Its manifesto states that the new Small Business Service should assume responsibility for all future Government schemes to support business and they should be delivered via the revamped Business Link network.