The Liberal Democrats have launched their manifesto ahead of the general election, aiming to reform business rates.
- A proposed commercial landowner levy is set to replace existing business rates, targeting landlords based on land value.
- Rejoining the EU single market is a key component of the party’s strategy to enhance international trade.
- The party seeks to introduce a general duty of care for environmental and human rights in business.
- New policies on apprenticeships, worker protection, and energy are included in the manifesto.
The Liberal Democrats have taken a definitive step in setting the stage for the upcoming general election by revealing their manifesto on 10 June 2024. Central to their economic reform plans is the replacement of traditional business rates with a novel commercial landowner levy. This levy, which was first introduced as a concept by the party in 2018, aims to charge landlords based on the land value occupied by their tenants. This strategy is designed to alleviate the financial burden on small businesses, fostering an environment conducive to job creation on the high street.
As part of their broader economic strategy, the Liberal Democrats have pledged to reenter the EU single market, a move expected to ease the trading process for UK brands with European wholesale and consumer markets. The EU single market facilitates the free exchange of goods, services, capital, and people across member states, a benefit the party intends to restore following the UK’s exit on 1 January 2021. This reentry aims at removing as many trade barriers as possible, thus supporting the fashion retail sector in particular, which has expressed concerns over Brexit-related trade challenges.
In addition to trade reforms, the party has outlined measures to ensure businesses operate with greater responsibility. Foremost in these measures is the introduction of a general duty of care towards the environment and human rights, particularly within business operations and supply chains. This policy is aimed at promoting ethical business practices.
An overhaul of apprenticeship levies is also on the agenda, with proposals to replace the existing system with a more inclusive and flexible skills training levy. This change will ensure apprentices earn at least the National Minimum Wage, addressing a significant demand from within the fashion industry. Further, by expanding the work visa system and the Youth Mobility Scheme, the party aims to mitigate labour shortages—a pressing issue for many industries across the UK.
Energy efficiency and technological advancement are also focal points of the Liberal Democrats’ manifesto. An energy framework will be introduced, compelling UK-listed businesses to align with net zero objectives and report on their progress. Meanwhile, a proposed framework for artificial intelligence seeks to balance innovation with transparency and accountability, ensuring that AI deployments, particularly those using personal data, are handled with the utmost integrity.
The Liberal Democrats’ comprehensive manifesto presents a bold pivot in economic and social policy, aiming to foster a fairer, more sustainable business environment.
