The Labour Party gives confidence and hope to UK businesses, which have been worried about the future if the Conservatives win this election. Here’s what the leaders of Labour said that’s making people more confident.
Outdated Laws
The Labour Party wants to bring about changes and new laws to benefit business people and their workforce. The party said the current employment laws are “outdated and a drag on economic growth.”
At First, There Were Fears
Reuters reported that employees and employers feared what the opposing party would bring to the table if they won the election. These fears sparked in light of Labour Party advancing the 2023 polls.
Fears About “Hiring and Firing”
One of the biggest fears of local British businesses was the fear of new laws ruling on “hiring and firing.” This “rule” affected employee views, too, as this would impact them first and foremost.
Pay Limitations
There was also a worry about pay limitations or growth restrictions. However, the tides have turned, and businesses are looking towards the future under Labour in a more positive light.
Zero-Hours Ban
Initially, the zero-hours ban didn’t sound good. According to ACAS, the law on this essentially meant that employers didn’t have to give workers set hours, and workers didn’t have to take on set work. But that brought some imbalance.
Balance Must Be Restored
The conservative party has ruled for a long time, but there were still massive changes that labour wants to instill should they win. Keir Starmer’s Labour Party has promised change so businesses can create a balanced environment benefiting their business, employees, and the public.
Company Bosses Feel More “Relaxed”
According to Reuters, business owners have reported that they felt more “relaxed” and “less worried” about the future. Owners feel the more they engaged with labour the more their confidence grew for future plans.
Labour Is Looking Strong
Opinion polls show that people feel the Labour Party has a solid chance of winning the 2024 elections. More people are vouching for Labour now than they have in previous years.
Labour Promises to Be “Present”
The Labour Party has confidently made a promise that they would be listening to the people. Starmer wants to work with businesses and bring the party to the centre with the help of supporters and the union.
Consulting the Public First
The goal for labour is to restore balance and to do so, the party told Reuters that it vows to “consult fully with businesses, workers and civil society.”
Fears Included No Cap on Hours
British Retail Consortium head Helen Dickenson said the initial outlook with zero-hour work policies and other aspects was frightening. The sector she spoke for made up 17% of the working population.
Flexibility and More Benefits
During the peak of the pandemic and BREXIT, companies were told to do more for their employees, including introducing flexible hours, sick leave, and more. The concept raised employee demands, sometimes negatively impacting business owners.
Policies and Flexibility Benefits Everyone
Jonathan Reynalds, the Labour Party’s business policy chief, said that the labour policies benefitted businesses and their employees during those uncertain times.
It’s Looking Better
While initial changes “had looked quite scary,” per Helen Dickenson’s words. However, she mentioned that she realised after speaking to Reynalds that it wasn’t as scary as it seemed.
The New Way
Wanderscot
If Labour wins the election, they want to maintain flexible hours for employees so that they are more productive and more in control of their schedules.
Time Flexibility
Time flexibility is what the flexible hours of a zero-hour contract would look like. The party also realised that some people prefer office work and a set schedule, which the new labor law will honour.
Workers to Earn “Genuine” Living Wage
Another major promise to local British employees is the hope for a “genuine living wage.” The national living wage in the UK since April 2024, according to ACAS (Advisory Conciliation and Arbitration Service), is £11.44 (applicable for workers aged 21 and older).
No Discrimination and Repeal of Anti-Strike Laws
Starmer’s Labour Party has said that it wants to disband any discrimination that prohibits younger people from getting their first job. The anti-strike ban will also be revisited as it was set in place by the conservative party.
What Business Owners Say With New Outlook
With the new outlook and better possibilities for companies and their staff, more entrepreneurs are leaning towards supporting the Labour Party.
A CEO of Electricals
When interviewed by Reuters, Alex Baldock said, “I’ve been encouraged by what I’ve heard, as have my peers.” Baldock is the CEO of Currys, an electrical retailer. The company employs over 13,000 workers.
Won’t Choose Between Workers and Employers
Johnathan Reynalds had also said that the Labour Party “hated” the possibility of choosing either workers or their employers. Based on that, the party is driven to bring balance and scope of laws that will benefit everyone.
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Featured Image Credit: Shutterstock / Martin Suker.