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Tuesday June 6, 2017
In just two days, Britain will go to the polls to elect a Government charged with negotiating the country’s withdrawal from the European Union (EU). With all major political parties in full campaign mode, the next government will be responsible for managing one of the most significant political and economic transitions in modern British history.
Having already triggered Article 50 on 29 March, the incumbent Conservative Government has released a series of policy papers outlining how it plans to handle the Brexit process. Central to this is the proposed introduction of the so-called ‘Great Repeal’ bill, which will allow the Government to review and repeal European legislation while also establishing a new legal framework that caters to the interests of British society.
Since 2015, the UK’s tax-efficient investment initiatives such as the Enterprise Investment Scheme (EIS) have been subject to European State aid regulations, restricting the number of investors and scale-up companies that are able to access these schemes. With recent HMRC figures revealing that EIS has raised £15.9 billion of funds for over 26,000 companies since its launch in 1993/94, Brexit provides an ideal opportunity to review and reform these schemes which have been a significant catalyst for private sector growth.
Looking to the future, major industry bodies such as the Confederation of British Industry have called on all political parties to look beyond the current 24-month Brexit negotiation period and lay down the foundations for an Industrial Strategy that encourages long-term productivity, innovation and business growth. Doing so, they assert, will ensure that Britain is on path to becoming the most competitive economy in the world by 2030.
With recent Asset Match research revealing the positive sentiment UK consumers hold towards scaling SMEs in light of Brexit, British society is clearly embracing the opportunities on offer during this significant period of political and economic transition. In this respect, it is important that the next Government protects the interests of businesses so they can fulfil their maximum growth potential.
Over the coming weeks, Asset Match will be releasing the second in its series of Brexit reports revealing the sentiments of investors towards the private sector. Taking into account the current impact of Brexit negotiations and the snap General Election on the UK economy, this report will provide a timely insight into the perceptions investors hold towards British businesses.
Click here to find out more about our new Brexit report series.