Following last night’s general election result, which saw Sir Keir Starmer’s Labour Party secure a landslide victory, trade and industry groups have urged the incoming government to prioritise economic growth and put “trusted trade” at the heart of the business agenda.
Marco Forgione, director general of the Chartered Institute of Export & International Trade (IOE&IT), responded to the results of yesterday’s general election:
“The Chartered Institute looks forward to working with the new government to empower UK businesses of all sizes to trade as effectively, efficiently and sustainably as possible.
“We urge the government to prioritise placing trusted trade at the heart of their business agenda in order to stimulate sustainable economic growth and support job creation. Equipping businesses to trade internationally has the potential to futureproof the UK economy for generations to come.
“The Chartered Institute stands ready to support an agenda that prioritises this transition to trusted trade, economic growth and we look forward to strengthening our long and trusted history of supporting British businesses, alongside the new government.”
‘Full in-tray’
Other industry figures responded by similarly urging Labour to focus on economic growth and support for UK businesses.
Stephen Phipson, chief executive of Make UK, said: “Business will welcome such a clear result and an end to the political and economic instability of the last few years, which is essential for companies to now bring forward much-needed investment.
“Looking ahead, the new government has a lot in its in-tray to address.”
Rain Newton-Smith, CEO of the Confederation of British Industry, welcomed Starmer’s victory and called for planning reform to help boost the UK economy:
“The new PM has been given a clear mandate to take the tough decisions on areas like planning reform and boosting grid capacity needed to get the economy firing on all cylinders.
“What firms need now is a government that’s ready to hit the ground running and is laser-focused on delivery.”
Building
Labour’s economic plans include a new national wealth fund to boost investment, as well as the development of a 10-year infrastructure strategy. Starmer has also committed to liberalising the UK’s planning laws to remove barriers to new building projects.
Federation of Master Builders (FMB) CEO Brian Berry said:
“The election of the new Labour Government offers a fresh start to get Britain building. Labour’s pledge to build 1.5m new houses over the next five years, and upgrade five million existing homes, are ambitious targets but very much needed if the growing housing crisis is to be addressed.”
“The success of Labour’s housing targets will very much depend on two key issues being addressed. First, the need to reform the planning system to make it easier and quicker to build. Secondly, the urgent need to tackle the skills crisis ensuring we have enough skilled workers in the construction industry to build the homes needed.”
Energy and retail
Offshore Energies UK (OEUK) shared concerns over windfall taxes and the halt in any new North Sea oil and gas licences.
David Whitehouse, chief executive of OEUK, said: “The people in our sector and investors remain deeply concerned over Labour proposals to impose a further windfall tax and end new licences.
“These policies, if poorly managed and without industry input, will threaten jobs and undermine the decarbonisation of the UK economy. The details matter.”
British Retail Consortium chief executive Helen Dickinson said that the country had “made its decision”.
“Retail is an important source of employment and investment in every part of the country, and through its scale and reach can make a big contribution to Labour’s policy goals.
“Finding ways to unlock this contribution over the next five years should be a shared endeavour between the new government and the retail industry.”