The 2024 UK General Election was held Thursday, 4^th July, and with Labour winning a majority for the first time in 14 years, we look at the landscape for businesses.

Westminster

Expanding into the UK market presents numerous opportunities for businesses. However, the 2024 general election - as with all political change - could impact the business environment.

This guide provides an overview of the Labour Party manifesto and offers insights on how Briars can support businesses during this transition.

Sir Keir Starmer: The New Prime Minister

Sir Keir Starmer has been elected the new prime Minister of the United Kingdom, having won 412 parliamentary seats at Westminster, and a resounding majority for the party. This gives Starmer total control of Parliament to push through the Labour manifesto policy, details of which we'll share below.

Party Politics:

There are many political parties in the UK, but it is likely that only one of the two main political parties – Conservatives or Labour - are ever likely to gain an overall majority in Westminster.

And so it was: Labour won 412 of the Parliamentary seats available at Westminster, with the Conservatives winning 121 seats.

Other political parties in the UK include the Liberal Democrats, who held office as part of a coalition with the Conservatives following the 2010 election, and the Green Party. The Liberal Democrats won 71 seats in the event, with the greens winning 4 seats.

A newcomer that took several Conservative seats is the Reform Party, led by Nigel Farage, who also won 4 seats.

In Scotland, the Scottish National Party has been the dominant political party since 2010, but saw its support dwindle to only 9 seats.

Labour Party Manifesto

In their 2024 manifesto, the Labour Party outlines several key economic policies. They pledge to maintain the current corporation tax rate, with an emphasis on closing tax loopholes and addressing tax avoidance.

For personal taxes, Labour will not reverse recent cuts to national insurance, thereby maintaining lower costs for businesses employing staff. They also plan to scrap the non-dom tax status and intensify efforts to crack down on tax avoidance.

The manifesto proposes an overhaul of the business rates system, replacing it with a commercial landowner levy aimed at reducing burdens on high street businesses.

Labour also emphasises support for small and medium-sized enterprises (SMEs). Their policies include ensuring at least one SME is shortlisted in public contract tenders and guaranteeing access to banking services on high streets.

In terms of infrastructure and public investment, Labour plans significant investment to create a supportive environment for businesses and public services.

The Labour Party's 2024 manifesto presents these economic policies with the stated intention of creating a fairer tax system and supporting various sectors of the economy.

Navigating the UK Market with Briars Group

As the UK political landscape shifts with the latest economic policies from the newly-elected Labour party and Prime Minister Starmer, businesses looking to expand into the UK need expert guidance to navigate these changes.

The Briars Group specialises in helping companies with global expansion, providing comprehensive support to ensure a smooth transition and successful market entry.

Here’s how Briars Group can assist during this period of political transition:

Strategic Planning and Market Entry

Market Research: Briars Group offers detailed market analysis to identify both opportunities and risks in the UK market. This includes understanding the impact of new policies and how they may affect different sectors.
Regulatory Compliance: Navigating the UK's legal landscape can be complex, especially with potential regulatory changes. Briars Group provides guidance on regulatory requirements, ensuring businesses remain compliant and avoid any legal pitfalls.
Site Selection: Choosing the right location for operations is crucial. Briars Group assists in selecting optimal sites based on infrastructure quality, talent availability, and business incentives, aligning with new government policies and investment plans.

Financial and Tax Advisory

Tax Planning: Briars advises on effective tax strategies to maximise benefits and helps businesses adapt their tax planning accordingly.
Funding and Grants: Identifying and securing funding opportunities is vital for business growth. Briars assists in accessing government grants and incentives, ensuring businesses leverage all available financial support.

Operational Support

HR and Talent Acquisition: Understanding labour laws and hiring the right talent is essential for operational success. Briars Group helps businesses navigate the UK’s labour market, providing support in talent acquisition and compliance with employment regulations.
Logistics and Supply Chain: Efficient logistics and supply chain operations are critical. Briars streamlines these processes, ensuring cost-effectiveness and alignment with the latest infrastructure investments and regulatory changes.

By partnering with Briars, businesses can confidently navigate the UK’s evolving political landscape, leveraging expert insights and comprehensive support to achieve successful market entry and sustained growth.

UK Expansion Opportunities

The upcoming UK general election presents both opportunities and challenges for businesses looking to expand into the UK. Understanding the policies of the Conservative and Labour parties is crucial for making informed decisions. Briars stands ready to provide comprehensive support to navigate this evolving political landscape.

With expertise in strategic planning, market entry, financial and tax advisory, and operational support, we ensure that businesses can adapt and thrive regardless of the election outcome.

With detailed market research, regulatory compliance guidance, optimal site selection assistance, tax planning strategies, and support in securing funding and grants, along with HR and logistics expertise, we are an invaluable partner in your expansion journey.

For more detailed information and assistance, please contact us.

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