This article delves into the retail policies of the UK’s major political parties as outlined in their manifestos for the 2024 general election.
- The manifestos of the Conservatives, Labour, and Liberal Democrats were revealed, each presenting distinct policies affecting the fashion retail industry.
- Key issues under review include business rates, international trade, and apprenticeships, which are pivotal to the sector’s growth.
- The retail industry’s concerns, specifically on business rates and skills training, were highlighted through the Drapers Fashion Retail Manifesto.
- The stance on retail crime is notably varied, with specific offences and penalties discussed by different parties.
The political landscape ahead of the 2024 general election sees the Conservative, Labour, and Liberal Democrat parties proposing varied approaches to retail policies significant to the fashion industry. Each party has unveiled its manifesto, aiming to address critical areas such as business rates, international trade, and the apprenticeship system.
The Liberal Democrats advocate for the abolition of business rates, proposing a ‘commercial landowner levy’ payable by landlords based on land value. Meanwhile, the Conservative manifesto introduces a £4.3bn support package over five years, targeting small business relief and adjusting multipliers to alleviate the burden on high street businesses. Labour suggests an overhaul of the business rates system in England to establish fair revenue collection, aiming to level the competition between high street and online retailers, although specific details of this system remain undisclosed.
International trade policies also diverge significantly among the parties. The Liberal Democrats propose re-engaging with Europe by seeking entry to the EU’s single market, aiming to minimise trade barriers. The Conservatives focus on establishing free trade agreements with global partners, including India and the Gulf Cooperation Council. Labour pursues reducing trade barriers without rejoining the EU’s single market or customs union, whilst exploring a strategic partnership with India.
Apprenticeships form another core policy area with differing party perspectives. The Liberal Democrats propose a flexible skills and training levy, contrasting the current apprenticeship levy, while ensuring apprentices earn at least the National Minimum Wage. Conservatives aim to create 100,000 apprenticeships annually by reallocating resources from less effective university courses. Labour plans to replace the apprenticeship levy with a growth and skills levy and guarantees employment or training opportunities for young adults.
Retail crime has prompted varying responses from the parties. The Conservatives intend to enforce tougher sentences for assaults on retail workers, reflecting their focus on security. Labour, however, aspires to introduce a specific offence for such assaults and eliminate perceived legal loopholes that facilitate shoplifting. Notably, the Lib Dems did not directly address retail crime in their manifesto.
Despite the call for VAT-free shopping reinstatement by industry leaders, none of the major parties have incorporated this policy into their proposals. This omission underscores a notable gap in addressing competitive disadvantages faced by UK retailers in international markets.
The 2024 election manifestos reveal distinct approaches by the UK political parties to tackle critical retail sector issues, highlighting varied priorities and solutions.
