Key policies from the newly elected UK Labour Party


The Labour Party has won the UK 2024 general election with a landslide majority, marking a turning point after 14 years of Conservative Party rule.

Following the result, we’ve provided insight into the Labour Party's policies across key sectors, including business and the economy, employment, healthcare, energy and natural resources, private individuals and real estate.

Focus on: business and the economy

In many respects, the broad outline of economic policy under Labour will remain unchanged. The Bank of England’s inflation target will remain at 2%. There will be balanced budgets, with day-to-day costs met by revenues, and a plan that debt should fall as a share of the economy within five years. There will be no increases to income tax, National Insurance contributions, VAT or corporation tax.

Labour plans to take a more directive approach to industrial policy, establishing an Industrial Strategy Council, a National Wealth Fund, a National Infrastructure and Service Transformation Authority, and a Regulatory Innovation Office.

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Looking Up At Skyscrapers

Focus on: employment

Labour proposes significant changes to employment law, increasing protection for workers. They plan to increase the national minimum wage to at least £10 per hour for all ages, and implement a single status of ‘worker’, to include both workers and employees. The right to bring a claim for unfair dismissal and the right to statutory sick pay will apply from day one of employment, they will ban ‘fire and rehire’ practices, and workers will have a right to not be contacted by their employer outside working hours.

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Crowd Of People Going To Work

Focus on: healthcare

Labour plans to implement some potentially ambitious changes to healthcare and life sciences policy and delivery, with a focus on encouraging investment, facilitating innovation and speeding up procurement and regulatory approvals. We expect to see increased support for the use of AI in healthcare, alongside regulation to ensure its safe development and use.

Specific measures include significant bolstering of investment in NHS CT and MRI equipment, modernising mental health legislation, and tackling nicotine addiction and children’s diet.

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Doctor Speaking With Patient

Focus on: energy and natural resources

Labour made a number of manifesto pledges around renewable energy investment and development in the UK, and working towards the UK’s net zero target seems to be a key priority for their government. As part of this strategy, the government will be looking to substantially increase private sector investment to maximise the outcomes it can achieve with public sector funds.

If the new government is able to implement its planned overhaul of the planning regime and grid in the UK, there will be significant development and therefore investment opportunities within the UK energy market.

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Solar Panel And Workmen

Focus on: private wealth

A key issue for private wealth will be what tax reforms a Labour government will introduce and when. They have been quite clear in their manifesto that they will not increase taxes on working people, pledging that they will not increase income tax, National Insurance or VAT.

However, the manifesto was largely silent on capital gains tax and inheritance tax, raising speculation that changes on these taxes may come. It seems likely however that they will implement the Conservative Party's proposals to change the tax rules as they affect non-domiciled individuals and potentially impose further-reaching restrictions. Labour’s pledges on the growth agenda and housing planning reform could present opportunities for private investors and landowners.

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Counting Money

Focus on: real estate

Labour has promised 1.5 million new homes and changes to planning processes to speed up a system that is seen as hampering development and investment. They will implement much-debated changes to the private rental sector, postponed during the Conservative government, to give more protection to tenants. They also propose to abolish the historic feudal system, which currently underpins the long term ownership of individual flats or apartments.

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House Under Construction

Focus on: ports and harbours

The key highlight for the ports and harbours industry is Labour’s pledge to establish a National Wealth Fund and allocate £1.8 billion of it towards the upgrade of port infrastructure and to build supply chains across the UK.

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Dover Ferry Port

Focus on: construction & infrastructure

The construction industry will be central to the delivery of many of Labour’s manifesto commitments which include new housing targets, transport infrastructure and the creation of a National Infrastructure and Service Transformation Authority to oversee a ten year strategy.

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Skyline With Cranes

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