As we approach the 2024 UK election, it seems Labour are on course for an overwhelming majority. If current polls are correct, the party could even secure an unprecedented advance of over 200 seats.
But what will that mean for business?
After 14 years of Tory rule, a political shift like this will bring new challenges and opportunities. And with Labour likely to form a dominant government, businesses, supported by public engagement, are going to be crucial in holding them to account and ensuring the realisation of the party’s economic promises.
What’s in Labour’s big plan?
Labour’s manifesto goes big on boosting economic partnerships between the public and private sectors. Central to their strategy is an economic programme which focuses squarely on technological innovation and infrastructure, with plans for public investments to support substantial innovation, especially in sectors critical for economic revitalisation.
Labour intends to significantly improve both digital frameworks and physical infrastructure, aiming to reduce business operation complexities and increase overall market connectivity. This is expected to supercharge the UK’s capacity for technological adoption and improve logistics, making the country a key player in the global digital economy.
Regulatory reforms are also given prominence; Labour proposes the creation of the Regulatory Innovation Office, whose role will be to “simplify and streamline outdated regulations that currently hamper entrepreneurial expansion and innovation,” according to the manifesto. The idea is that this will encourage a more dynamic business landscape where companies face fewer bureaucratic hurdles, while still guaranteeing consumer and environmental protections.
On environmental policy, Labour is committing to ambitious sustainability initiatives, aiming for a comprehensive shift in the UK’s energy usage and substantial investment in sustainable technology. One notable pledge includes reducing carbon emissions by 50% from 2020 levels by 2030.
For workforce development, Labour’s manifesto outlines plans to expand vocational training and update what’s taught in schools and universities to align with future job market demands.
Businesses as the new opposition
With Labour potentially commanding a formidable majority, the usual balance of power could shift, placing businesses in a critical position to influence policy. Because of this, we need an engaged business community – particularly in sectors central to economic expansion – that actively participates in shaping and steering government initiatives from theory to effective action.
The strategic use of PR and Public Affairs plays an indispensable role in this scenario. PR isn’t just about managing reputation anymore; it’s about actively engaging in the dialogue that shapes industry landscapes.
Through targeted communication strategies and influential campaigning, businesses can highlight key issues, propose solutions, and sway public opinion. This can create an environment for policy change that aligns with both business interests and public welfare.
Final thoughts
Facing these transformations a strategy of integrating PR and Public Affairs is more pivotal than ever. Through our Integrated Intelligence offering, we enable businesses to effectively articulate their views and ensure that these perspectives influence the creation of policies that are both exciting and viable.
Written by Matthew Robinson, Senior Digital and PR Strategist at Definition.
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