Conservative MPs Say EU Brexit Would be Good For Business
Parliament split over how to help UK entrepreneurs as Conservative MPs back tax cuts and Labour MPs support increased spending
The majority of Conservative MPs are in favour of a British exit (Brexit) from the EU, findings from the annual ‘Parliamentary Snapshot’ by the Entrepreneurs Network have revealed today.
According to the research, 58% of Conservative MPs believe that withdrawing from the EU would be beneficial for entrepreneurship, compared to just 1% of Labour MPs.
Parliament is also split on other business measures – 89% of Conservative MPs are in favour of lowering business taxation whereas 63% of Labour MPs believe increasing grants and loans, and more spending on government support services, would have the most positive impact on UK business
The research also found that 90% of Conservative MPs think “freeing the UK” from EU business regulation would be beneficial to British enterprise, yet 90%of Labour MPs disagree
The Entrepreneurs Network claim that both Conservative and Labour MPs share a lack of knowledge on what business support is currently available. 56% of Conservative MPs (despite favouring tax cuts) were found to be unaware of the Seed Enterprise Investment Scheme.
Despite Labour MPs stating that increased spending would have a more positive impact on business, 61% admitted they were unaware of government body Innovate UK (which supports entrepreneurs with a fund of £536m)
Hollie Gallagher, head of entrepreneurs at Bircham Dyson Bell (which supported the research), said:
“The Snapshot shows that political differences are very much alive between the two main parties when it comes to entrepreneurship. MPs strongly disagree on the role of government support, regulation and taxation.
“It is concerning that MPs are not as well informed as they could be about important government schemes to support UK entrepreneurs. Fast-growing small firms are vital to our economy: they generated 36% of UK economic growth between 2012 and 2013 and created 68% of all new jobs. Great initiatives already exist for start-ups, but steps need to be taken to promote them and ensure that these businesses continue to thrive.”