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A new Labour prime minister has been voted in after two months of intense campaigning, amid a dire cost of living crisis, record-high interest rates and years of economic austerity. We touch upon policies the Labour Party are expected to implement which could impact individuals, limited company directors and business owners.
The Labour Party have achieved a landslide victory in the 2024 UK Elections, which will see the United Kingdom under Labour leadership after 14 years of Conservative rule. The leader of the Labour Party, Kier Starmer, said that the time for change begins now as we enter an ‘age of national renewal’.
Labour’s fiscally focused manifesto sets out a plan to renew the financial health of the country and deliver economic stability. While this involves no major tax overhauls, the Labour Party have proposed ambitious plans to replace the business rates system, increase public sector tender opportunities for small businesses and crack down on late payments.
Here’s what Labour’s win means for individuals and business owners:
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