Keir Starmer shared his outlook for Britain’s future during the Labour Party Conference in 2024. His message centred on rebuilding the country, focusing on bringing better opportunities for working people. Starmer made it clear that his government is really working towards to restoring the nation’s economy and public services while dealing with issues that have long been ignored.
An important part of this vision involves changing the economy through investments in areas like clean energy, job creation, and housing. Starmer spoke about the need for a government that works for everyone, especially those who have been left behind in recent years. He spoke about a strong desire to restore faith in the government and rebuild trust with the British public.
Starmer also promised long-term stability through clear policies that will speak towards national concerns. His plans involve improving security, reducing inequality, and making sure that all regions of the country benefit from this renewal.
What Are The Government’s Plans For Economic Growth And Energy?
Starmer’s government has laid out a plan to reshape the economy, with a focus on energy reforms and strategic investments. A major announcement was the launch of Great British Energy, which will work on renewable energy projects such as solar and wind power. This is seen as a way to make Britain energy-independent, while also considering environmental issues.
The government also introduced the idea of a National Wealth Fund, created to invest in areas that create jobs and support long-term economic growth. This fund will focus on infrastructure projects and rebuilding industries, and it plans to create a stronger, more resilient economy. The idea is to give the country a solid foundation on which future generations can thrive.
Energy security and economic growth are central to this plan. The government is focusing on investing in clean, sustainable energy to support both the environment and the economy, ensuring a stable path forward.
How Is London Competing As A Global Financial Hub?
With London being second place after New York in the race towards becoming the financial hub globally, Labour has to make sure their plans support this.
The improvement in London’s standing is partly due to financial reforms and renewed investor confidence. Labour’s upcoming investment summit is expected to attract global business figures and secure new deals, further increasing the capital’s financial sector. The city has managed to hold its ground while other European centres have seen their rankings slip.
London’s position is driven by political stability and regulatory changes that are encouraging more activity in the financial markets. With the city seeing a renewed interest in its stock markets and dealmaking, it remains a strong contender in the global financial space.
What Do Experts Think?
Following the Prime Minister’s speech, we have also asked experts what they thought as far as the political influence on London’s financial sector is concerned. With London racing for the number one spot, exactly how much does our government have to do with this, and what can they do to contribute towards the UK’s successes, even across industries. We also asked some experts about their views on the speech as a whole…
Our Experts:
- Merlin Piscitelli, Chief Revenue Officer, Datasite EMEA
- Martin Hartley, Group CCO, emagine
- Ian Thatcher, CEO, Robots & Humans
- Kieron White, Founder and CEO, Engine
Merlin Piscitelli, Chief Revenue Officer, Datasite EMEA
“Chancellor Rachel Reeves is reinforcing Labour’s support for UK financial regulators to actively promote the growth and competitiveness of the City of London. As mergers and acquisitions (M&A) and other transactions are expected to pick up in the second half of 2024 and into 2025, the new UK listing rules, which represent the most extensive changes in three decades, should significantly enhance London’s competitiveness as a global financial hub.
“The shift to more disclosure-based, rather than rules-based requirements aligns with successful strategies in other major markets, especially the US, and should help to streamline the entire process to make London more attractive to a wider range of companies considering listing.
“Still, regulatory changes alone may not fully revitalise London’s initial public offering (IPO) market. Other factors, such as market stability, political certainty, and the overall business environment play a crucial role. Additionally, attracting and retaining talent in the financial services sector will play a role the Government’s approach.
“With a Labour government now in place, new policies taking shape, and a return to more robust dealmaking and potential IPO activity soon, London should be ready to seize the moment.”
Martin Hartley, Group CCO, emagine
“The Labour Party has an opportunity to shape the future of the UK’s financial sector and enhance global competitiveness through innovation, and strengthened EU relations. By building a more collaborative relationship with the EU, Labour has expressed its plan to streamline financial regulations and improve cross-border financial services, maintaining the UK’s relevance and position post-Brexit.
“Labour’s commitment to making the UK a ‘global hub’ for green finance positions it as a pioneer in sustainable finance. Plans include a world-class green finance regulatory framework, attracting global investment in green industries. If the Government extends the use of covered bonds and allows banks and insurance companies to borrow and lend at a cheaper rate, more businesses will favour this option.
“Labour has put emphasis on fintech innovation, hoping to become a ‘global standard-setter’ for AI in financial services and expand Open Banking capabilities. This tech-forward approach will ensure the UK remains a leader in financial services.”
Ian Thatcher, CEO, Robots & Humans
“I was disappointed by the lack of focus on cybersecurity in the Prime Minister’s speech to the Labour Party Conference yesterday. In an increasingly digitised world, where cyberattacks are increasing exponentially, the need for robust security to defend against them is growing ever clearer. With much of the UK’s infrastructure already buckling under the intense pressure it is under, a co-ordinated attack could have a devastating impact on vital public services such as the NHS or the R&D efforts of the world leading businesses who call our country home.
“To prevent such an eventuality from occurring, the Government must therefore invest much more liberally in cybersecurity innovation, ensuring that the UK and its key infrastructure have the funding they need to be fully safeguarded. The development of a national fire wall, for example, would be strong step forward, ensuring the UK’s public and private sectors have some level of inherent protection from cyber criminals and hostile states but this can only be achieved if we have greater co-operation between government and business.
“While the Prime Minister’s speech was notable for its absence of any meaningful support for the cybersecurity industry, I remain hopeful that further clarity will be given on this issue in the Chancellor’s upcoming Autumn Budget.”
Kieron White, Founder and CEO, Engine
“I was disheartened that the Prime Minister’s speech to the Labour Party Conference yesterday lacked any substantive commitment of investment in tech and AI startups. These businesses are key to developing the technologies that are crucial for transforming the UK’s public services, which clearly need reform and investment. To remedy this, and to also maintain the UK’s position as one of the world’s most advanced tech capitals, company leaders need much stronger assurances that the Government recognises how important evolving technologies – particularly AI – are for both business and the public sector.
“This could be demonstrated, for example, by stepping in to make seed fund money available for public institutions like schools and hospitals, which would benefit significantly from automation technologies. By doing so, the Government can begin to turn the tide on the country’s public services challenges, and deliver better, more efficient services for all.
“Already, the Department for Education has made a good start by pledging investment in AI education innovations, with an open grant application for AI solutions that reduce teacher workload and forthcoming tenders expected in similar areas. This is a great signal to the education sector that AI will be vital to its future, and will likely encourage other industries to follow suit. However, the growth of the UK’s AI sector is contingent on further support from the Government, so I hope that further clarity is given on this issue in the Chancellor’s upcoming Autumn Budget.”
