Sunak vs. Truss: who is best for small businesses?

Sunak vs. Truss: who is best for small businesses?

Who do small businesses want as the new prime minister?

In short, deciding between Sunak and Truss can be summed up as choosing lower taxes or lower interest rates. Both contenders are focused on improving the UK economy; it’s their chosen methods that differ.

Next Monday, we’ll see who will get to enact their respective recovery plan. But before then, who are small businesses hoping to see put in power?

“Rishi knows best”

Polls show that Truss is currently the more popular option for Tory party members. But amongst SME owners, Sunak still has some favour.

For Firdaus Nagree, founder or furniture showroom, FCI London, the choice isn’t easy. He tells Startups that “[while] neither of the options are particularly ideal, Sunak does seem to be the better choice.”

Experience seems to be the main pull factor behind Nagree’s vote for the ex-chancellor. “Sunak understands the levers available far better than Truss because he has been working on them for the last few years,” reasons Nagree. “He also has the advantage of having been at the top table during a time of extreme crisis.”

Ishveen Jolly is founder and CEO of OpenSponsorship, an online marketplace for sports sponsorships. Jolly’s choice would also be Rishi Sunak – but for what she describes as a more “personal” reason.

“To see a PM from an ethnic minority background is a big deal,” she says. “It sends a message that this country is inclusive, and that is something I feel is very important for the business community and society as a whole.”

In Liz we Truss-t”

On the opposing side is Michael Buckworth, the managing partner of law firm, Buckworths. As a member of the Tory party, he has already voted for Truss, explaining that “significant tax rises are simply untenable at the moment. Promises of tax cuts in 7 years don’t help people today and Sunak seems really out of touch with the cost-of-living crisis.

“Truss hasn’t been able to persuade me yet that her [planned tax cuts] won’t add to already sky-high inflation. But I do believe that tax cuts are needed and should lead to growth.”

Who do you want to see replace Boris Johnson as prime minister next Monday? Let us know by emailing hello@startups.co.uk.

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