Clearly, cost-free promises such as reform of the planning system or changes to employment law are attractive easy wins in the early days of any new government. However, the bigger issues requiring investment for growth, while sticking to self-imposed fiscal rules, present a more difficult challenge. Raising money through windfall taxes, scrapping the charity status of private schools, or closing tax loopholes signal a marked change in tone. At the same time, aims to bolster skills and build out green energy hint at the more ambitious notes of the New Labour movement of the 1990s. In the context of the food industry, Labour's policies are geared towards creating a supportive environment for businesses to thrive. Reforming planning laws to boost housing and infrastructure development will aid in solving logistical challenges, while the focus on skills and training will help address labour shortages. Additionally, Labour's commitment to tackling climate change through its Green Prosperity Plan and the creation of Great British Energy aims to lower energy costs and promote sustainability, benefiting the food industry's long-term viability. Labour have also outlined specific measures to support the food retail and farming sectors. These include potential reforms to the business rates system, which has been a significant burden for many businesses. Labour’s plan to build more homes and accelerate infrastructure projects will benefit food logistics, while their stance on retail crime and health initiatives indicates a holistic approach to creating a safer and healthier environment for businesses and consumers alike.
Furthermore, Labour’s position on trade and immigration is of particular interest to the food industry. While rejoining the EU is not on the cards, aligning the UK more closely with the bloc to minimise Brexit’s disruption on food trade is a priority. This includes negotiating a deal with the EU to reduce the need for SPS checks, thereby facilitating smoother trade operations.
Overall, whether these promises are a recipe for success remains to be seen.
bhavini.kalaria@haroldbenjamin.com
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