ICAEW Director of Economies Suren Thiru and Head of Business Simon Gray went to Parliament to present the ICAEW Manifesto to Rushanara Ali MP, Shadow Minister for Small Business and Investment.

Thiru began the meeting by outlining the latest Business Confidence Monitor results, which provide key insights into the current economic picture of the UK. Gray then ran through members’ insights and concerns, including the knock-on effect of the national living wage and difficulties accessing finance. 

Ali was keen to hear feedback from ICAEW on Labour’s plan for small business, which was released late last year. They discussed how the government could improve the picture for SME lending, including the role of the British Business Bank. Ali also noted that late payments were part of the access to finance issue, with the conversation touching on the role of the Small Business Commissioner, legislation and culture change.

Late payments are now a wider problem for the economy, with businesses of all sizes paying late. Ali said that tackling them would be a priority for a Labour government. He also asked about SMEs engaging with the public sector and expressed a desire to make public procurement more attractive for businesses of all sizes.

The minister was keen to hear more about some of the insights ICAEW had provided in its submission to the Treasury Select Committee’s inquiry into SME Finance, such as the growth voucher scheme and the threshold of start-up loans from the British Business Bank.

Finally, Gray and Thiru ran through the pillars of ICAEW’s Manifesto, and Ali asked to see the granular policy detail covered in the document.

The ICAEW manifesto for 2024 focuses on measures to improve growth and create a more resilient UK economy. It explores seven major topics:

Productivity: make the UK the best place to start, run and grow a business. Provide long-term certainty for business and remove obstacles to growth.

Skills: make it easier for workers to gain the strategic skills of the future and for employers to access a skilled and diverse workforce.

Sustainability: show bold global leadership on net zero and financing the green transition. Lead on the transition technologies that will power growth.

Innovation: develop the skills and standards to lead on AI. Invest in the technologies where the UK can lead the world.

Resilience: ensure public administration is effective to unleash potential. Urgently address the resilience of central and local public finances.

Trust: secure trust in companies to encourage investment in the UK. Champion world-leading corporate governance, reporting and regulation and tackle economic crime.

Trade: devise trade policies that promote services and create opportunities for SMEs to export. Give the UK’s vital services sector the prominence it deserves in trade.

As part of ICAEW’s engagement with political stakeholders in the run up to the 2024 General Election, ICAEW has been speaking with several ministers from all parties. We will run summaries of other meetings as part of our ICAEW Manifesto coverage.