As the dust settles on the 2024 general election and the Labour Party begins it’s time in government, it’s time to get a grip on what the results could mean for you and your business.

Corporate Law

Some of the aspects of corporate law mentioned in the Labour party’s pledges include:

  • Capping Corporation Tax at 25% so that businesses can plan financially with a stable rate they can rely on.

  • Introducing a comprehensive industrial strategy with the aim of promoting long-term investment in clean energy and advanced technologies. This has the potential to create 650,000 jobs in future-oriented sectors. As a result, businesses should prepare for the possibility of a more regulated environment with a focus on sustainable practices and innovation.

  • In a bid to support economic growth and to help businesses thrive, Labour have pledged to replace the current business rates system with a fairer alternative.

Commercial Property

Labour’s victory in the 2024 general election may also bring some significant changes to commercial property law including:

  • The reform of the current business rates system will also be done with the aim of supporting commercial property development. The new system is planned to be designed to reflect the true market value of properties, ensuring that rates are equitable and encourage investment.

  • Economic growth is set to be supported by a number of new policies which have been created to develop a balanced and equitable commercial property market which benefits both businesses and investors. Through a fairer and more predictable tax environment, the new government aims to attract more investment in commercial property and spur economic development.

Employment Law and Dispute Resolution

As the Labour party has historically positioned itself as a party of the workers, it should come as no surprise that they have pledged to strengthen employment rights and dispute resolution.

  • The Labour party aims to ensure that employment rights are upheld through the creation of the new single enforcement body. The new body will be centralised to ensure the enforcement of employment laws making it more straightforward for employees to raise concerns and for employers to follow regulations.

  • As a result of the above, businesses should prepare themselves for a more vigorous enforcement of employment laws which could lead to higher compliance costs, more frequent legal challenges, enhanced oversight, and stricter penalties for non-compliance. We would advise businesses to be more vigilant in their employment practices and policies.

As the new government settles in and begins to put their new policies into place, we will keep a close eye on any changes which may impact businesses. If you are looking for specific advice relating to any of these potential changes, please get in touch with our experts today on 0845 287 0939 or contact us by email.