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At a time when stability is in short supply, the UK has woken up to a somewhat uncertain general election result. All but three seats have been declared at time of writing, with the Conservatives securing 316, Labour 261, SNP 35 and Liberal Democrats 12.
However the final seats fall, it won’t affect the final outcome of a hung parliament. It’s a result that only a few weeks ago would have seemed highly unlikely, but the Tory campaign clearly didn’t have the effect the party was hoping for.
Each of the major parties had set out policies directly relating to freelancers, contractors and small business owners, but the hung parliament means more uncertainty.
Policies such as the reduction in dividend tax allowance and Making Tax Digital were taken out of the Finance Bill after the snap election was announced, with many believing they would quickly return following a Tory win. Exactly what happens to these now remains to be seen.
And with Brexit negotiations due to commence in a matter of days, it’s a time when few would want this level of uncertainty.
It’s been suggested the negotiations could be delayed until a new government is formed, with some even suggesting a second Brexit referendum is now due.
Federation of Small Businesses (FSB) chairman, Mike Cherry said “[Brexit] negotiations should be led by a Government and a prime minister that will be in place for the duration, and so we call for a delay to the scheduled start of negotiations rather than a rush to begin in 11 days’ time. The need for a transition period now becomes even stronger, providing the time to get Brexit right.”
We’ll be watching the fallout from the result closely and will keep you up to date with all the decisions and movements that affect our community of self-employed and small business owners.
Unsure of the difference between cash-flow and capital? Business jargon can often be complicated, especially if you're just getting started. We've compiled a glossary of some often-used business and accounting terms and provided easy to understand definitions, with links to further info where appropriate.
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