Labour has decisively won the 2024 general election, ending 14 years of Conservative leadership.
- The party, led by Sir Keir Starmer, secured over 400 seats in the House of Commons.
- Sterling and FTSE indices reacted positively to the election results.
- Labour’s manifesto focuses on business reforms, retail crime, and youth opportunities.
- The party committed to abolishing the current business rates system.
Labour has achieved a significant victory in the 2024 general election, securing over 400 out of 650 seats. This triumph marks the end of a 14-year tenure by the Conservative Party, ushering in a new era under the leadership of Sir Keir Starmer.
Sir Keir Starmer addressed supporters at the Tate Modern in London, expressing a vision of hope and renewal for the nation. He proclaimed that “change begins now” as the country prepares to move forward from past challenges.
The election outcome resulted in Labour holding 410 seats, more than doubling their previous count of 210. In contrast, the Conservative Party secured only 119 seats. Other parties followed with the Liberal Democrats at 70 seats, the Scottish National Party with eight, and Sinn Fein securing seven seats.
Following the election, the financial markets responded affirmatively. Sterling gained 0.1% against the US dollar, trading at 1.278, and remained steady at 1.180 against the euro. The FTSE 100 Index saw a modest 0.1% rise, while the FTSE 250 experienced a more notable 1% increase, reaching its highest level since April 2022.
Labour’s manifesto outlines significant economic and social reforms. The party promised to replace the current business rates system in favour of a more equitable approach. This initiative aims to balance conditions between high street and online retailers while fostering investment. However, specific details regarding the new system remain undisclosed.
The manifesto also outlines plans for international trade and education. Labour intends to remove “unnecessary barriers to trade” but clarified there will be no return to the EU’s single market or customs union. Additionally, they propose replacing the current apprenticeships levy with a flexible growth and skills levy, ensuring training and work opportunities for the youth population aged 18 to 21.
On issues of retail crime, Labour pledged to establish a specific offence for assaults on shopworkers and to address the issue of shoplifting with greater seriousness.
These election results and policy promises paint a picture of substantial change in the UK’s political and economic landscape.
Labour’s decisive victory signals a transformative period for the UK, driven by ambitious reforms and renewed optimism.
