Small businesses and local independent businesses are the backbone of our economy. For generations, the Conservative Party has been the natural ally of business. Throughout history, Conservative Prime Ministers from Peel to Thatcher to Cameron have focused on unlocking growth, backing enterprise, and giving businesses the freedom to thrive. Here is how some Conservative leaders throughout history have stuck to our tradition of backing British business:
David Cameron (2010-2016)
Under David Cameron, corporation tax was steadily cut from 28% to 20% declaring the UK 'open for business', leaving the UK with the lowest corporation tax rate in the G20.
"We need to campaign for capitalism. To promote profit. To fight for free trade. To remind, indeed, to educate, our citizens about the facts of economic life."
John Major (1990-1997)
The Major administration tamed inflation, cutting it from 9.7% to 2.6%, restoring stability for businesses, giving firms the confidence to plan, and paving the way for falling unemployment and reduced borrowing.
"[The State] had all but snuffed out the flame of enterprise. That was Britain's low point – and we changed direction."
Margaret Thatcher (1979- 1990)
Margaret Thatcher rolled back the frontiers of the state by deregulating the City and privatising British Telecom, British Airways and British Gas. Thatcher transformed the British economy through her decisive action of deregulation and privatisation inspiring an entrepreneurial spirit in Britain.
"Free enterprise has enabled the creative and the acquisitive urges of man to be given expression in a way which benefits all members of society."
Winston Churchill (1940 – 1945, 1951 – 1955)
Winston Churchill guided the British economy through the turmoil of the post-war years, rebuilding after the Second World War and finally freeing the country from rationing.
"Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon."
Sir Robert Peel (1834-1835 and 1841-1846)
Sir Robert Peel pushed Britain towards a free-trading state by repealing the Corn Laws, laying the foundations for the modern free-trade system.
"The real way in which we can benefit the working and manufacturing classes is, unquestionably, by removing the burden that presses on the springs of manufactures and commerce."