LONDON (Chatnewstv.com) — The UK’s opposition Conservative Party announced a plan Tuesday to completely abolish business rates for thousands of high street shops and pubs, a direct challenge to the ruling Labour Party’s economic policies which it blames for shuttering local enterprises.
In a statement, Shadow Chancellor Sir Mel Stride positioned the move as a lifeline for struggling town centers, accusing the Labour government of creating a hostile environment for small businesses.
“We’ve seen the result. Pubs closing. Shops sitting empty. High streets hollowed out,” Stride said. He claimed Labour had “doubled business rates on many struggling small businesses,” on top of what he called a “Jobs Tax” and “crippling employment regulations.”
The pledge to eliminate the property tax for many retail and hospitality businesses is aimed at reviving local economies. “The Conservatives will always champion business and those who take risks to create jobs and grow our economy,” Stride stated.
To fund the tax cut, the party outlined plans to reduce government spending in other areas, including implementing a “Borders Plan” projected to save £3.5 billion, cutting £7 billion from the overseas aid budget, and reforming welfare programs to encourage employment.
“Where Labour choose debt, the Conservatives will champion discipline,” Stride declared, drawing a sharp distinction between the two parties’ fiscal philosophies. “Where the other parties accept stagnation and decay, we’ll champion aspiration, and a brighter future for businesses and our communities.”
The Labour Party did not immediately issue a response to the proposal.
Alongside the business rates plan, the Conservatives also announced a targeted “£5,000 tax break for young people entering employment for the first time,” aimed at helping them get a better start in their careers.
