Labour’s landslide victory has sparked a wave of reactions from business owners across the UK. The transition promises significant changes, especially for small and medium enterprises (SMEs).
- Business leaders express both optimism and concerns about Labour’s ability to fulfil manifesto promises.
- Economic conditions and support for innovation are primary concerns.
- The need for strategic investment in the EV sector and cybersecurity is highlighted by industry professionals.
- Labour’s approach to education, workforce, and tech startups is seen as critical for future growth.
Following a 14-year Conservative rule, the British public has voted decisively for Labour, leading to a landslide victory. Business owners are watching intently to see if the new government will fulfil its promises and bring about the expected changes.
Sean Massey, a Cambridge-based Management Consultant, points out the Labour party’s manifesto lacks specific plans for growth, unlike the progress made by the previous government with initiatives such as the British Bank, innovation grants, and the R&D Tax Credit Scheme. Massey emphasizes, ‘New grants and tax breaks would really help the small business community to invest at a scale, and this would keep the UK at the forefront of tech.’ Smaller businesses are concerned about how Labour plans to support essential innovators amidst rising costs, especially in the hospitality sector where 1,000 pubs have closed since 2021.
Bea Montoya, COO at an insurance broker, adds that the campaigning period left small businesses in a state of limbo. She stresses that over a third of small business owners feel that this change in leadership will have no impact on them. However, Montoya believes that small businesses can act as a catalyst for wider economic change if provided the right conditions. ‘Our research shows that, if provided the right economic conditions, small businesses would create over one and a half million new jobs,’ she asserts.
Rebekah Ann, a Brighton-based jewellery business owner, expresses a cautious optimism about Labour’s ability to bring positive changes. She highlights the challenges of securing funding despite a solid business performance and hopes Labour will introduce solutions to support growth.
Bruce Cartwright CA, CEO at the Institute of Chartered Accountants of Scotland, welcomes the new Labour government and emphasizes the need for audit and corporate governance reforms to restore trust in business. He stresses the importance of enhancing apprenticeship programmes and financial education to support the business community. Cartwright also calls for legally enforced sustainability commitments and improved financial regulations to maintain the UK’s global business reputation.
Sam Pooke, Senior Public Affairs Manager at a London ride-hailing service, congratulates Labour’s election victory but urges immediate action on the VAT treatment of private hire journeys and support for black cab drivers. He advocates for collaboration to tackle challenges in the taxi sector, especially the high cost of EV vehicles.
Adam Hall, Director of Energy Services at a renewable energy company, urges Labour to support the EV industry by developing infrastructure and providing grants to build on the momentum towards Net Zero. He highlights the need for fast and accessible charging and clear future tax rates to help fleet-operating businesses make informed decisions.
Michael Topham, CEO of a UK waste management company, calls for the introduction of more Zero Emission Zones to encourage EV uptake, crucial for decarbonisation in the waste sector. He highlights the challenges posed by the electricity distribution grid and welcomes Labour’s commitment to accelerating charge point rollouts.
Richard Staveley, CEO of an EV charging company, stresses the importance of strategic investment in electrification to achieve Net Zero. He calls for long-term reliable funding and the implementation of standards for public charging infrastructure. Staveley urges Labour to develop a strategy that tackles the challenges to EV adoption and considers alternative funding models.
Al Lakhani, CEO of a cybersecurity firm, criticizes the absence of cyber security in the Labour manifesto and calls for a comprehensive strategy to strengthen the UK’s cyber defences. He advocates for modern MFA solutions to counter phishing and password-based attacks.
Alasdair Anderson, VP at a data protection platform, points out the challenges of balancing AI growth and cybersecurity. He notes that both Labour and Conservative parties committed to AI sector growth, but increased cybersecurity measures are essential to counter AI-based attacks.
Santosh Sahu, CEO of a pharmacy tech startup, highlights the need for increased funding and a supportive regulatory environment for healthtechs and other startups. He compares the current state of healthtech to fintech a decade ago and calls for regulations that facilitate competition and collaboration.
Hilary Leevers, Chief Executive at EngineeringUK, looks forward to Labour acting on its commitments to workforce training and post-16 education. She emphasizes the need for more apprenticeships and STEM teacher recruitment to meet current demand and achieve net zero goals.
Zain Ali, CEO of a global mobility business, sees the election as an opportunity for change and calls for increased investment in R&D and a reformed immigration system. He believes decisive action is needed to drive economic growth and maintain business confidence.
Business leaders are cautiously optimistic, hoping Labour will deliver on its promises to foster growth and innovation across various sectors.
