Cumbrian business leaders have called on the county’s firms to raise their priorities with politicians ahead of a July 4 General Election.
Suzanne Caldwell, Cumbria Chamber of Commerce’s managing director, said: “The upcoming election on July 4 will be an opportunity for the business community to voice needs and priorities and engage with the incoming Government on the issues that matter most.
“Despite recent positive developments in the economy, businesses here in Cumbria still face a range of issues including skills shortages, rural connectivity and rising operational costs to name a few.
“We call on all candidates to prioritise policies that will support businesses, develop our infrastructure, and improve accesses to skilled labour; creating an environment for businesses to continue to innovate and grow in Cumbria.
“We look forward to a constructive dialogue with politicians locally and nationally following the election, as we work together to overcome challenges and build a fairer and more robust local economy here in Cumbria.”
Joe Cobb, hotel group executive manager, urged any incoming government to step up its support for the hotel and hospitality sector across Cumbria.
He said: “We welcome the General Election. ‘Change’ is seemingly the buzz word at the moment and the current Government sadly have not engaged and supported the hospitality industry following changes to the immigration threshold and the flat refusal of the recently proposed youth mobility scheme.
“We are hopeful that whoever wins the election engages with our industry and help us overcome the challenges we currently face with rising costs, acute labour shortages and housing in certain areas.”
Becky Bowness, Armstrong Watson’s head of tax, said: “The General Election on July 4 comes sooner than we anticipated. While it will be key to review the official manifestos once they are released, tax is always a key point for voters.
“If individuals and businesses are considering any tax planning, succession or structural changes, then to guarantee certainty of existing tax legislation you will have a short window before the polls open to put measures in place. While legislative change is unlikely to happen immediately after the election, we do recommend you discuss your options with your advisers sooner rather than later.
“For businesses, the announcement may also put key projects on hold. The time around a General Election can be very uncertain and raises questions about how new policies could impact them.”
Justin Rourke, head of advice at Armstrong Watson Financial Planning, said many clients had asked about the General Election over the last six months.
He added: “We move from speculating when the election will be to speculating on the outcome and the respective manifestos. And truth be told, even when the manifestos and the result are known, there is no guarantee of what the future will look like.
“Central to speculation will likely be pensions, focusing on the State Pension triple lock, State Pension retirement age, the possibility of the Lifetime Allowance being reinstated, tax relief on pension input for higher rate taxpayers and pension asset interaction with Inheritance Tax.
“ISAs will also likely be the subject of speculation; the concept is sound, but more complex than ever before and it has been mooted that a Labour government would seek to simplify.
“The bedrock of financial planning is long-term relationships, where your objectives and existing arrangements are reviewed regularly. It will be easy to freeze in the bright lights of speculation over the coming months, but my advice is to seek advice from a financial adviser who can help you make decisions based on facts rather than hearsay.”
