European Elections: What Your Vote Means for British Business
Source:internationaltrade 2014-5-30 16:01:00
The European Elections is the only time, aside from a General Election, when all of the UK's 46 million strong electorate are able to vote. But what will your vote mean for British business?
The polling stations opened at 7am today and closed at 10pm. Even though the UK is voting to elect MEPs, your vote could have a profound effect on business in the UK.
In total, 30 parties were fighting for your votes. But we've taken a look at what a vote for the main political parties will mean for British business.
Conservatives
In essence, every party believes it will do what is right and what is good for British businesses, if elected.
What the Conservatives plan to do is cut red tape for UK businesses. Various studies of business owners in Britain, particularly small business owners, in recent years have suggested that red tape is a key concern.
The Conservatives are pledging to improve trade to increase exports and continue with economic independence by not joining the euro and keeping Europe at arms' length.
The party is in favour of EU plans to boost trade with North America and Asia. It will also support continued free movement within Europe for work.
The Conservatives also want to create a single digital market in Europe to help the UK's Tech City sell its products and services.
It is also the only party offering an 'In-Out' referendum, giving UK voters to chance to decide whether or not the UK should be part of the European Union.
Labour
Labour joins the Conservatives in wanting to boost UK trade to the EU and to North America, and in creating a single digital market.
But Ed Miliband also wants to tackle tax avoidance for multi-national corporations and increase transparency on what tax is paid.
Labour has pledged to move resources from the Cultural Agricultural Policy to areas like research & development for new technologies.
Unlike the Conservatives, Labour is not offering a referendum on the UK's membership of the EU, but it does want to stay part of it.
Liberal Democrats
Perhaps unsurprisingly, the Liberal Democrats also wants to boost UK trade with the EU and the rest of the world.
The Lib Dems say they helped to secure an exemption on admin costs for over 100,000 UK small businesses which has saved them almost £400m a year. And they want to help UK firms expand into Europe by opening Europe's online industries in accountancy, law and architecture.
Nick Clegg's party is also supporting the cutting of red tape. The Lib Dems wants an information portal for SMEs to help them export. It also wants UK SMEs to be represented at EU negotiations on legislature and policy.
The Liberal Democrats also want to remove the uncertainty of short-term financing by replacing it with long-term funding designed to be stable and secure.
It also opposes the EU's opt-out 48 hour working time directive.
Like the Labour party, the Lib Dems aren't offering a referendum but plan to stay in the EU.
UKIP
As you are probably well aware, the UK Independence Party (or UKIP), wants the UK to leave the EU and 'regain control' of Britain.
Whereas the Conservatives want to maintain an 'open door' policy to give UK businesses the best possible talent pool, UKIP want to limit immigration, reducing the talent pool to UK workers.
UKIP's manifesto claims that very few UK businesses want to export to the EU and that they shouldn't be restricted by regulation as a result.
Nigel Farrage's party believes that the UK can negotiate better trade deals with the rest of the world, without the EU.
UKIP also wants to remove tax paid by those on National Minimum Wage (NMW).
Green Party
The Green Party has the most detailed manifesto. Unlike the three main parties, the Greens don't want to cut red-tape. It wants to increase investment in Europe, not enforce cuts, deregulation and privatisation.
Similarly to Labour, the Green Party wants to bring greater transparency to the financial industry. It also wants to cap bankers' bonuses.
Keeping to its name, the Greens pledge to change laws which require companies to consider environmental impacts, as well as profits, on shareholders.
In a fight against big businesses, the party wants all employment contracts to contain a set number of hours (alarm bells for zero-hour contracts!). The Greens also want to set a limit on overtime of 25% above a person's contracted hours and for at least one day's notice to be given before overtime.
Unlike the other parties, the Green Party is not in favour of boosting trade between the EU and the US, suggesting it could threaten protection for workers built by the EU.
BNP
Like UKIP, the British National Party (BNP) wants the UK to pull out of the EU in an attempt to boost 'British jobs for British workers'.
Despite plans to pull out of Europe, the BNP wants to maintain trade with Europe and claims the UK being out of the EU won't impact on this.
The BNP believes 'unnecesary, complex and costly EU regulations' are negatively affecting the UK's small business.
It also wants to reduce the UK's reliance on the imports of electricity.
Scottish National Party
The SNP wants to stay part of the EU ahead of the referendum on Scottish Independence later in the year. In preparation for an independent Scotland, Alex Salmond's party wants the EU to remove trade barriers between members states so Scotland can benefit.
The SNP wants to increase EU funding on major infrastructure projects and to ensure innovation in technologies are allowed to grow in Europe.
It also wants to build on consumer rights laws.
Plaid Cymru
The key pledge for the party of Wales is to cut business rate for almost 100,000 businesses.
Plaid Cymru wants to ban the controversial zero-hour contracts and wants increased EU funding over skills, apprenticeships and, like the SNP, infrastructure.
So there you have it. If you voted yesterday, you know the key policies of each of the main parties which could effect British business.
The results of the election are due to be announced on Sunday.
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