Sir Keir Starmer and the Labour Party may have hoped that its first Party Conference in Government would have been easier than it was.
What should have been a victory celebration and an opportunity to set the stall out for the next 10 years was mired by scandals around donations and gifting.
It also came ahead of an autumn Budget which the Prime Minister himself had already described as “painful” and warned of the Government making “big asks” of the public.
The business community will have kept a close watch on the trajectory of Labour Party Conference ahead of the budget, with the Prime Minister and his cabinet keeping their cards close to their chests amid choppy waters.
Despite this, those across the planning and construction industry will have noted Labour’s clear intention to prioritise housebuilding, and the political will within the party to deliver on its ambition to build 1.5m homes by 2025. Angela Rayner’s speech made clear her party’s ambition to rebuild the UK economy through development.
The announcement of new investment zones in the West Midlands and West Yorkshire, along with the signing of eight new devolution deals, cemented her Party’s commitment to giving local regions the powers to create high skilled jobs and turbocharge their economic growth.
But as ever, planning challenges dominated discussions. With the consultation process for the National Planning Policy Framework revisions ending last week (Sept 24), the Labour Party’s ability to meet its ambitious 1.5m housing target relies on the overhaul of our outdated planning system. All eyes are now on the Government’s response, due before the end of this year.
While sustainability policies and public services featured, the announcement of the impending “Employment Rights Bill” will be of interest to businesses. With action set to be taken on the gender pay gap, workers’ rights and sick pay, all organisations should follow its progress closely.
The Labour Party conference, though more muted than anticipated, provided some insight into the party’s imminent priorities. The Budget at the end of October will paint a clear picture of the economic environment we can expect under Sir Keir Starmer and Rachel Reeves.
The Budget will likely prove a pivotal moment in the medium-term perception of the Labour Party. The Prime Minister has experienced a significant and dramatic dip in his popularity levels which will be a cause for concern, given the dominance displayed at the ballot box earlier this year.
While the admission that the budget is likely to prove unpopular among certain sections of society, the real question remains as to how far the Chancellor and her team will go in an effort to plug the much reported £22bn “black hole” in the UK’s public finances.
Taxation is set to feature heavily, however, the Labour Party ruled out a headline-grabbing tax increase on income tax, national insurance and VAT during the election campaign.
For the property industry, the expected rise in Capital Gains Tax could squeeze an already difficult rental market as landlords look to leave the sector. There’s also increasing pressure on the Chancellor to address – and scrap – Stamp Duty charges to boost the housing market.
With the Labour Party Conference over and done with for another year, in a less celebratory fashion than hoped, all eyes are now fixed to the Chancellor’s budget and the Labour Party’s first fiscal statement since Alistair Darling in March 2010.