Leading figures in London’s professional services community recently gathered at our Central Court building to share their views on the Labour Government’s first 100 days in power. Chaired by Claer Barrett, Consumer Editor at the Financial Times, the impressive panel of experts, included:
- Peter Kellner, the former BBC Newsnight reporter and President of YouGov
- Chris Gardner, CEO of Atelier
- Kathleen Heycock, Employment Partner at Farrer & Co
- Majid Hussain, Head of Private Client at haysmacintyre
- Jon Gerlis, Head of Public Relations and Policy at the Chartered Institute of Public Relations
First impressions of Labour’s first 100 days varied widely. Whilst some described it as a “false start”, “lost opportunity”, or “car crash”, others were “cautiously optimistic” of Labour’s opening gambit and future prospects.
In the lead-up to the Government’s highly anticipated Autumn Budget, this is what we learned…
Business uncertainty and housebuilding
The Government’s growth ambitions were applauded but seem to have fallen by the wayside as it prepares the country for a pivotal Budget. As Chris Gardner pointed out, the long lead up to the Budget has fuelled market speculation and has instilled a sense of economic uncertainty for many.
Whilst the Government’s housebuilding ambition is admirable, there is a stark gap between where we are now and the Government’s target of building 1.5 million new homes by 2030. Chris drew attention to the on-the-ground policy fixes needed to unlock local housing delivery such as making small housing schemes exempt from Section 106 payments and greater transparency for the Community Infrastructure Levy scheme.
On the global stage
Noting Rachel Reeves’ recent opinion pieces in international publications, the CIPR’s Jon Gerlis suggested that the Labour party has made ground in improving the UK’s reputation on the international stage. Whilst progress has been made, there is still work to be done and until there is greater clarity in Labour’s direction for business, progress in consolidating the country’s global reputation will be steady.
The biggest employment changes in a generation
Despite the recent Employment Bill arriving at the last possible moment, Kathleen Heycock recognised the efforts of the Government in doing everything it had set out to do in its overhaul of employment laws. Whilst changes such as granting day one unfair dismissal rights are set to have a big impact, allowing two years for consultation and implementation shows a commitment to helping businesses prepare.
All eyes on the Budget
In tandem with this, the session explored how the recently elected Government’s approach has focused on long-term strategy over short-term headlines. In regard to taxation, Majid Hussain noted that the UK has a regime that many other jurisdictions are looking to replicate. Whilst tax rates are expected to rise in the forthcoming Budget, the jury’s out as to when they might come down again, with Peter Kellner questioning whether tax reform would be on the horizon should Labour win a second term.
The long-anticipated Autumn Budget is likely to be one of the most profound in a generation, with many hoping it will instil at least some clarity and certainty for individuals and businesses who have pressed pause on decision-making until Reeves’ plans are revealed. The consensus of the panel was that Labour is taking a long-term approach to policy and that its ability to gain public trust, manage expectations and prove strategic delivery will all be key to its longevity.
Many thanks to the panellists for your insightful contributions and to all those who attended the event.
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