Labour’s sweeping victory has set the stage for a transformative era in British politics.
As the dust settles, the business community eagerly anticipates the new government’s agenda.
Here’s what I believe ‘Britain PLC’ now needs from Sir Keir Starmer’s administration
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Ensuring political stability
First and foremost, political stability is paramount. Labour’s decisive win provides a strong mandate, but maintaining unity within the party and creating constructive dialogue with opposition parties will be crucial. A stable political environment builds confidence among investors, businesses, and international partners.
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Driving economic growth
The new government must prioritise economic growth through comprehensive and forward-thinking policies.
This includes investing in infrastructure, supporting innovation, and enhancing workforce skills. By nurturing a dynamic and resilient economy, Labour will create jobs, boost productivity, and enhance the UK’s competitive edge on the global stage.
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Implementing sensible regulation
Regulatory frameworks should be sensible and supportive of business operations. Overregulation can stifle innovation and growth, whereas a balanced approach encourages entrepreneurship and investment. Labour must strive for regulations that protect public interests without placing undue burdens on businesses.
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Making London attractive to foreign investors
London has long been a global financial hub, but its appeal must be continually enhanced.
Labour needs to implement policies that make the UK’s capital an even more attractive destination for foreign investors. This includes improving infrastructure, ensuring a skilled workforce, and maintaining a favourable business environment. Strengthening London’s position will benefit the entire national economy.
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Reviving relations with the EU
Rebuilding and strengthening relations with the EU is essential for economic stability and growth. Starmer’s government must work towards creating a cooperative and constructive relationship with our European neighbours. This will facilitate trade, investment, and collaboration across various sectors, bolstering the UK’s economic prospects.
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Avoiding further non-dom rules
While addressing tax evasion is important, further tightening non-dom rules could drive high-net-worth individuals and businesses away from the UK. Focus must be on creating a fair and competitive tax environment that encourages investment and growth while ensuring that everyone pays their fair share.
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Being tax-Friendly to business and households
A tax-friendly approach is critical for fostering a thriving economy. Labour needs to aim to create a tax system that supports businesses and households alike. Lower corporate taxes can attract investment, while reasonable personal taxes ensure that households have more disposable income to spend and invest. Balancing fiscal responsibility with tax incentives will be key to driving economic prosperity.
Now is the time for bold and decisive action to ensure that the UK remains a global leader in innovation, investment, and economic success. The first 100 days of Sir Keir Starmer’s government will be critical.
