Next Thursday, voters will be going to the polls for the second time in just over two years to elect a new government for the United Kingdom.
Largely unexpected by most political pundits, the general election was called by the Prime Minister in April to “guarantee certainty for the years ahead” as the country enters negotiations with the European Union over its departure.
For businesses, this certainty will be crucial especially in terms of the position we take on Brexit negotiations and the impact on our economy.
But whilst it is critical for the next Government to ensure that UK businesses can weather any potential storm that could arise from our leaving Europe, there has been very little discussion to date on manifesto policies that directly affect businesses.
Instead, other commitments have dominated the headlines, not least the muddled messages over the Conservatives’ social care policy and Labour’s spending plans which, according to the Institute for Fiscal Studies, could result in a tax burden that has not been seen since 1949.
As a result, the smaller parties - most notably the Liberal Democrats whose main approach is opposition to Brexit – seem to have been crowded out of any meaningful debate on this subject.
Even in Wales, policies put forward by Plaid Cymru have been largely ignored despite the fact that their leader has impressed again in television debates and there is a possibility that they may have their highest level of representation in Parliament.
Indeed, the latest polls suggest that this election is returning to largely two party politics across much of Wales and for business, the contrast between Labour and the Conservatives could not be greater in terms of their main approach supporting business.
In fact, it is quite astounding that there has been almost no detailed examination in the media on the differences by the two main parties in terms of corporation tax rates, and how this could have a major impact on economic growth and investment at a time when we are facing increased uncertainty in the economy.
The Conservatives are focused on continuing their policy of reducing corporation tax to 17 per cent by 2020, the lowest in the G20 group of leading economic nations. In contrast, the Labour Party has pledged to increase corporation tax to 26 per cent and to use £20 billion raised to pay for public services which, they argue, is still less than the rate in 2010.
Those on the left wing of the political spectrum will consider that approach by the Labour Party to be laudable and this is the right approach to ensuring that public services are improved. However, this policy, if enacted, would also mean that British businesses would have £20 billion less at a time when they need every penny to focus on remaining competitive.
Indeed, this increase would be contentious even during a period of economic stability but when the nation faces one of its biggest potential crises in a generation as we leave Europe, I am sure that the majority of those in business would believe that adding a nine per cent tax at a time when they need every penny to ensure that they can invest in skills and productivity seems a highly contentious policy.
How will the record numbers of entrepreneurs who are creating wealth in their local economies react to a hike in their tax burden when they are already facing other increases in costs such as business rates and wages?
And whilst factors such as access to skills and infrastructure are important, what will be the response of major employers in Wales such as Ford, Toyota, Airbus and Tata Steel if their tax bill is increased by millions of pounds every year, especially at a time when overseas investors are already debating the benefits of staying in the UK post-Brexit?
In fact, Wales has been able to attract high levels of overseas investment since 2010 due to a combination of low UK corporation tax and the excellent support of the Welsh Government. If firms are dissuaded from investing in the UK because of an increase in the former, then will the latter then make any difference?
Unfortunately, we don’t have an answer to any of these questions and it is astounding that the political campaigns so far have forgotten Bill Clinton’s adage that it’s “the economy stupid”, especially when the strength and resilience of the economy is key to the future of a post-Brexit UK and is what this election ultimately should be about.
I can only hope that unlike our politicians, the five million business owners and the 26 million people currently employed in the private sector will have the future of the UK economy after we leave the European Union foremost on their minds as they cast their vote next week.