In a decisive political shift, Labour has won the 2024 general election, ending 14 years of Conservative leadership.
- Labour secured more than 400 out of 650 seats, significantly outperforming their previous count of 210 seats.
- Keir Starmer, Labour leader, celebrated the victory at Tate Modern, promising an era of hopeful change.
- Following the election, financial markets responded positively with minor increases in sterling and the FTSE indices.
- Labour’s manifesto promises to overhaul business rates and improve access to apprenticeships and training.
In a decisive victory, the Labour party has secured over 400 seats out of the available 650 in the recent general election. This outcome marks the end of a 14-year Conservative reign, and positions Labour to govern with a substantial majority of 180 seats in the House of Commons.
Labour leader, Sir Keir Starmer, celebrated this triumph with a speech at the Tate Modern art gallery in London, where he declared, “Change begins now”. Starmer articulated his vision for a brighter future, suggesting that the nation is poised to step out of a metaphorical darkness and into an era of hope and opportunity.
The election results, as of this morning, indicated Labour’s dominance with 410 seats, far surpassing their previous 210. In contrast, the Conservative party managed to secure 119 seats, while other parties like the Liberal Democrats and the Scottish National Party won 70 and 8 seats, respectively.
The aftermath of this political shift saw a 0.1% rise in sterling against the US dollar to 1.278, with its position against the euro remaining stable at 1.180. Both the FTSE 100 and the FTSE 250 indices experienced slight gains, reflecting a level of investor optimism following Labour’s victory.
Central to Labour’s campaign was a manifesto promising to make substantial changes to the business environment. Notably, the party plans to replace the current business rates system in England with a more equitable model intended to generate the same revenue. This change aims to create a fairer competitive landscape between traditional high street businesses and their online counterparts.
Labour’s manifesto also addressed issues of retail crime and youth employment. The party intends to introduce a new offence specifically for attacking shopworkers, and to eliminate what they describe as a form of immunity for certain types of shoplifting, policies attributed to the Conservative government.
Moreover, Labour promises to reform the apprenticeship levy into a more adaptable system, ensuring that individuals aged 18 to 21 can access training, apprenticeships, or employment support. While the party has outlined these initiatives, the details regarding their implementation remain undisclosed.
Labour’s comprehensive election triumph marks a transformative moment in UK politics, ushering in proposed reforms to taxation, trade, and employment.
