‘Labour has proposed a replacement to the business rates system in its manifesto. This will be welcomed by many retailers, publicans and small business owners. While the exact details are yet to be revealed, it’s good that Labour understands that our antiquated business rates must be updated to create a fairer and more predictable tax environment,’ said Mead.

The Labour manifesto does not set out details of how it would implement reform of business rates, but indicates that in England it would replace the business rates system, ‘so we can raise the same revenue but in a fairer way. The aim is to ‘level the playing field between high street and online giants’.

Warren added: 'Existing business tax policy is unfair to businesses, particularly SMEs, as they pay the same rates regardless of profitability.

‘You can have two identical businesses: one makes £100,000 profit, and the other makes a £100,000 loss. But if they have the same shop or factory, they'll pay the same rates.

‘As a business, or as an entrepreneur, this can affect how you proceed with planning for growth.

‘Another major pain point is the five-year update cycle. Currently, rateable value is assessed and updated every five years, called a revaluation.

‘So you end up with these huge, largely unpredictable swings. Over the past couple of years, we’ve heard of councils putting up rates by an eye-watering 30 or 40%. That’s hard to deal with for any small business and makes financial planning difficult.

‘Ultimately, levelling the playing field for SME businesses, from retailers and hospitality to professional services and manufacturers, will catalyse growth. This dovetails with other parts of the manifesto, which aim for the revival of city centres and the rebirth of British manufacturing.

‘This is a start, but it doesn’t do much to allay the deep crises of confidence in our political system, which exists across the UK SME community regardless of party.

‘For those seeking the “business” vote, our clients want to hear two things. First, stability, whoever triumphs needs to set out a clear strategy and actually start delivering this.

‘A good start would be a departmental shake-up and appointing a dedicated small businesses minister devoted to the “backbone of British Industry”, so we see how much they value SMEs’ contribution.

‘Second, to have some consistency. The last decade has seen governments flip-flopping from one policy to the next; this approach must end and give legislation time to mature.’