There is a renewed commitment to see Corporation Tax fall a lot by 2020.
A National Productivity Investment Fund will calculate total spending on housing, economic infrastructure and R&D at £140 billion during the next quarter. This includes their commitment to invest £250 million in skills by the end of the year.
Public infrastructure investments can include a commitment to invest over £1 billion to revamp the prison estate.
What do Conservatives say Brexit will mean for business?
This will of course depend on negotiation between now and the spring of 2019 – but in the meantime, the Conservatives say that they want to convert EU law into UK law, “allowing businesses and individuals to go through life knowing that the rules have not changed overnight.”
But that’s not binding because once EU law has been converted into domestic law, parliament will be able to pass legislation to amend, repeal or improve any piece of the EU law it sees fit, as will the old legislatures, where they have the power to do this.
Workforce – skills and training
The Conservatives want to replace 13,000 existing technical qualifications with new qualifications, known as trades, across fifteen industries in subjects including construction, creative and design, digital, engineering and manufacturing, and healthcare.
On apprenticeships, the Conservatives say, “We will make true our commitment to create 3 million apprenticeships for young workers by 2020 … We will allow large firms to pass funds to small firms in their supply chain, and work with the business community to develop a new program to allow larger companies to place apprentices in their staff of builders.”
For older builders they say, “We will help all workers seeking to develop their skills in their existing jobs by introducing a new law where they can request leave for training for all employees. Alongside this, we will help workers to stay in secure jobs as the economy changes by introducing a national retraining scheme.”
This is especially good news for loft conversion companies. Jim Watson runs a local company out of the South London area and wants his loft conversion apprentices to get the training they deserve. Visit his site here.
Workforce – foreign workers
The Conservatives undertake to “crack down on immigration from outside the European Union” and also to “control immigration from the European Union too.”
Because of this, they will double the Immigration Skills Charge levied on companies that have migrant workers, to £3,000 a year by the end of the parliament. They will use this additional revenue generated to invest in higher level skills training for workers in the UK.