Page 18 - BOSS Today Issue 60

BOSS Today #60

WHAT DOES A LABOUR

GOVERNMENT MEAN

FOR BUSINESS?

The General Election on 4th July saw a Labour Government brought to power with
a 174 seat majority and the enthusiasm to hit the ground running. PM Sir Keir Starmer
has appointed his no-surprises Cabinet, and has promised that “change begins now.”

o, what is that change? And specifically, Strategy’, provides more detail than winners’ industrial strategies of the past.
Swhat is on the cards for businesses up the manifesto, and sets out the key Particularly relevant for our sector
and down the country? Labour has made thinking. In this document, the Party says may be the intention to add resilience to
an undeniable effort in recent years to it will take a ‘mission-based’ strategy, supply chains. Recognising the impact
befriend business leaders, but will that identifying four key missions: of external shocks, such as pandemics
listening ear translate into pro-business and global conflicts, Labour says it wants
action? n Delivering clean power by 2030 to avoid situations in which businesses
Although winning parties are not n Harnessing data for public good must stop or divert production when key
necessarily obliged to stick to their n Caring for the future inputs are unavailable, in short supply or
manifesto promises, a manifesto is n Building a resilient economy (including become more expensive. It further states
always a strong indication of their initial strengthening the resilience of supply that it recognises the role Government
direction once in power. And a chunky chains). has to play in responding to these low-
majority certainly makes it easier for any probability, high-impact risks. To this
Government to get things done, especially In the same paper, the party said it end, a ‘supply chain taskforce’ will review
when legislation needs to be passed. plans to take a ‘cross-sectoral approach; supply chain needs, reduce dependency
So, let’s take a look at some of Labour’s one that recognises that the different on hostile states and diversify supply
manifesto pledges that might impact our sectors of the economy are inextricably chains, including practical fixes to trading
industry: interlinked.’ It criticised previous relations with the EU.
Conservative Government policy that The Industrial Strategy Council
‘picked winners’ by identifying high- will report to both Government and
value-added sectors and using a range of Parliament and will be a full-time expert
subsidies and investments to drive their body, supported by a board of advisers
Industrial Strategy growth. Labour’s plans are instead for from across regions and sectors. It will
Echoing calls made by our partner the a robust set of horizontal policies and set targets and assess the progress of the
BPIF, MakeUK and others, Labour will institutions to support growth - such as Government’s industrial strategy.
introduce a new Industrial Strategy (and strong public infrastructure and world- Since the last Conservative industrial
statutory Industrial Strategy Council to leading education – that set the general strategy fell by the wayside several
inform it). A policy paper published in conditions for all businesses across the years ago, our partner the BPIF has
September 2023, entitled ‘Prosperity economy to thrive. It calls this approach long-recognised the need for an effective
Through Partnership: Labour’s Industrial ‘picking challenges’, unlike the ‘picking replacement. In line with what Labour has

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