Labour’s priorities for its first term of government would include employment, industrial strategy, and audit and corporate governance reform if elected, according to Shadow Business and Trade Secretary Jonathan Reynolds, who met with ICAEW’s CEO Alan Vallance and Managing Director, Reputation and Influence, Iain Wright. He added the Audit, Reporting and Governance Authority would be part of whatever measures to be brought forward.

He also expressed an interest in the mutual recognition of professional qualifications, calling it a possibility for the party if it got into government. The changing international picture would be a huge variable and challenge for the next Business and Trade Secretary, he added. 

Reynolds asked for ICAEW members’ thoughts on the ease of doing business, and Vallance quoted a member appearing in the ICAEW Manifesto: “Setting up a bank account for a small business is almost impossible. You can register a company in 10 minutes, find a client in a week, but it takes three months to open an account.” He added that poor HMRC service standards were also very often quoted as an issue by our members. VAT registrations were spoken about as another issue slowing down businesses. Vallance suggested that there could be a way of joining things up online, such as a business start-up passport.

Reynolds said that Labour would look at speeding up banking registration – and seeing if there was a technological solution – while ensuring any measures to speed the process up would not lead to greater fraud. He said Labour is keen to hear more about how it could make it easier for people in the day-to-day running of their businesses.

He then spoke about the possibility of Companies House reform. An increase in the admin fee would fund changes to make it run better, as referenced in debates around the recent economic crime bills. Vallance said that any reforms should not result in a loss of ease of registration.

Reynolds said that Labour is being cautious about what it commits to action in the first 100 days in government, to make sure it can deliver on promises, but wants to get the message across that there would be a sea change if Labour won. The aim is to ensure the UK is perceived as competitive and as an attractive place to do business.

The Shadow Secretary of State was also in attendance at Chartered Accountants’ Hall on Wednesday evening for a Labour Business Network event, where he took questions from senior business leaders.