The new government has rolled out an ambitious plan to drive significant changes across the UK, and as your business advisors, we want to break down how these could impact you.
These initiatives span from economic stability to healthcare improvements, border security, energy production, social behaviour, and education reform.
Economic Stability
The government's primary focus is on restoring economic stability to boost prosperity and living standards across the UK. By sticking to tough spending rules, the aim is to keep taxes, inflation, and mortgage rates as low as possible.
For your business, this means a more predictable financial environment, which can enhance business confidence and potentially lead to increased investment. With improved economic conditions, consumers might also have more disposable income, potentially increasing demand for your products or services.
NHS Waiting Times
The government plans to cut NHS waiting times significantly, adding 40,000 more appointments each week during evenings and weekends. This will be funded by cracking down on tax avoidance and closing loopholes. Additionally, they will double the number of NHS CT and MRI scanners and offer 700,000 urgent dental appointments each year.
A healthier population means a healthier workforce, which could translate to reduced absenteeism and higher productivity for your business. However, be prepared for stricter scrutiny on tax practices as the government seeks to fund these healthcare improvements.
Border Security
A new Border Security Command will be launched to tackle criminal smuggling and trafficking gangs using counter-terror tactics. This could mean more robust border security, which may enhance the safety and reliability of your supply chains. However, businesses involved in international trade might experience more stringent checks and potential delays, so planning for these changes will be crucial.
Great British Energy
The government is setting up Great British Energy, a publicly owned clean-power company. This initiative aims to cut energy bills and boost energy security by investing in clean, home-grown energy production. The company will be funded through a windfall tax on oil and gas giants.
For your business, this could mean lower energy costs and new opportunities within the clean energy sector. Additionally, the investment in energy production is likely to create jobs and build supply chains, providing potential growth opportunities.
Antisocial Behaviour
To tackle antisocial behaviour, the government is deploying 13,000 extra neighbourhood police and PCSOs. They will also introduce new penalties for offenders and establish youth hubs to support young people at risk of being drawn into crime.
Improved community safety can create a more favourable business environment, but it’s important to be aware of new regulations that might impact your business, especially if you operate in the kind of area that is prone to such behaviours.
Education Reform
Addressing teacher shortages in key subjects, the government plans to recruit 6,500 new teachers. This will be funded by ending tax breaks for private schools. They also plan to review and enrich the curriculum to better equip young people with the skills needed for life and work.
For your business, this focus on improving education standards could, in the long term, lead to a more skilled future workforce, enhancing your talent pool.
Conclusion
The government's proposed changes are far-reaching and designed to tackle some of the UK's most pressing issues.
For your business, these initiatives present both opportunities and challenges. While economic stability and healthcare improvements are likely to benefit businesses broadly, changes in tax regulations and increased border security may affect your compliance and operational strategies. The emphasis on clean energy and education reform also opens up new avenues for growth and innovation. As always, staying informed and proactive will be key to navigating these changes successfully.
See: https://www.gov.uk/government/news/our-first-steps-for-change
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July 18, 2024
