Jo Swinson has pledged to axe business rates and replace them with a tax on landowners as she looked to burnish her pro-enterprise credentials ahead of next month’s crunch election.
In a speech at the CBI in London this afternoon, the Liberal Democrat leader urged company bosses to ditch the two ‘tired’ old parties and swing behind her unashamedly Remain position.
Parking her tanks firmly on the Conservatives’ lawn, she sought to win the backing of executives by insisting the Lib Dems are the ‘natural party of business’.
Ms Swinson told delegates: ‘The Liberal Democrats are committed to supporting small businesses who are the engine of our economy.
‘That’s why the Liberal Democrats would scrap business rates and replace them with a commercial landowner levy.
Jo Swinson address business leaders at the CBI conference in London, where she pledged to scrap business rates if she wins the December 12 election
In a speech at the CBI in London today, the Liberal Democrat leader urged company bosses to ditch the two ‘tired’ old parties and swing behind her unashamedly Remain position
‘It will shift the burden from the tenant to the landlord so that we can breathe new life into our high streets.’
She added: ‘It is time for clear action that will give proper help to our small businesses.’
Ripping up business rates was mooted by the party in August 2018 by the then leader Vince Cable in a report called Taxing Land, Not Investment.
It made clear the levy would be paid by owners, not tenants, and that ‘non-residential stamp duty should be scrapped to improve the efficiency of the commercial property market.’
Ms Swinson added: ‘Let’s remember what the issues are that we’re trying to solve here – businesses on the high street have been struggling for many years now and they find the business rates can be a crippling cost and this is at a time when they’re already having to deal with footfall falling, competition from online competitors where they aren’t having to pay the same type of rates.
‘So I think this is an important change, and clearly it being borne by landlords – some of that may well be passed on but we also recognise it will not all be – and this will provide a significant boost for businesses.’
Her pitch came just hours after Boris Johnson vowed to overhaul the current business rates system and suggested rates could be lowered.
Britain’s Liberal Democrats leader Jo Swinson during a visit to Imagination Technologies in St Albans, Hertfordshire, before addressing the CBI this afternoon
Boris Johnson told a CBI event in London that he wanted to postpone a planned cut in corporation tax
But Ms Swinson was scathing about the Prime Minister, and said that he was devoid of any detail.
She said: ‘The Conservatives hide behind the balance sheet and employment rates to paint a picture of a healthy economy.
‘But you and I know if we look more closely, the image is not as rosy as they’d have us believe.
‘After all we all know that Boris Johnson is not a details man. It’s a little bit like asking your child to clean their room, only to find a little bit of mess hidden under the bed.’
The Lib Dem leader, who has two young sons, five and one, with her ex-MP husband Duncan Hames, also accused the Conservatives of bending to the whim of the Brexit Party.
She said: ‘With the Conservatives in the pocket of Nigel Farage and Jeremy Corbyn stuck in the 1970s, we are the only ones standing up for you.’
On the Labour leader, she added: ‘Not only does he want to deliver Brexit, this is a man who has completely failed to tackle anti-Semitism in his party.
‘It’s not a trivial policy difference, it’s a fundamental difference of values and from speaking to people in the Jewish community the fear that exists at the prospect of Jeremy Corbyn in Number 10 makes it clear to me that there’s no way that Liberal Democrat votes could put him there.’
Ms Swinson’s CBI speech revolved around her flagship pro-Remain policy and she reaffirmed her commitment to revoke Article 50 on day one of a Lib Dem government.
She also vowed to continue freedom of movement between EU countries to allow businesses to source fresh talent from overseas.
Although few believe the Liberal Democrats will pull off a massive election upset to form a government, Ms Swinson rolled out a series of eye-catching policies.
This included a £10,000 ‘skills wallet’ for each person to pay for lifelong education, a mandatory representative on company boards and a promise electricity would be made from 80 per cent renewable within a decade.
Despite the latest poll putting the Lib Dems on around 15 per cent, Ms Swinson has described herself as a ‘candidate for prime minister’ throughout the campaign.
She has even launched a legal challenge against ITV for excluding her in Tuesday night’s head-to-head against Mr Johnson and Mr Corbyn.
While it is unlikely Ms Swinson will win the keys to Number 10, she could tip the balance of power as a kingmaker if either of the two main parties fail to win an outright majority.
Mr Corbyn told assembled captains of industry: ‘If a Labour government is elected on December 12 you’re going to see more investment than you ever dreamt of’
However she has already ruled out propping up Mr Corbyn and her pro-Remain position would make it virtually impossible to support Mr Johnson’s Brexit deal.
The Prime Minister and Labour leader both also addressed CBI conference delegates in Greenwich, London today.
Mr Johnson announced the Tories will postpone a planned further cut to corporation tax in order to free up £6 billion to invest in public services like the NHS.
The current rate of corporation tax is 19 per cent but it had been due to fall to 17 per cent next year.
The PM insisted postponing the reduction was the ‘fiscally responsible thing to do at the present time’ as he joked that he hoped business leaders would not ‘storm the stage’ after he made the announcement.
‘It doesn’t mean we’re in any way averse to reducing taxes on business as I’m sure you’ll understand,’ he said.
Labour claimed the decision represented a ‘temporary pause in the Tories’ race to the bottom on corporation tax’.
Meanwhile Mr Corbyn attempted to calm business fears about a Labour government today, insisting they had ‘much to gain’ if he takes power in December.
The opposition leader said it was ‘complete nonsense’ to say that he was anti-business as he addressed the CBI annual conference in London this morning.