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From Rhetoric to Reality: Reflections on the Labour Party Conference

30/09/2024

By Paul Murphie, BIG Partnership

Labour’s 2024 conference made one thing clear: the time for talk is over. Businesses and organisations want Labour to turn its promises into real policies. The message from the conference was unambiguous—Labour must move beyond rhetoric and start delivering results. 

This conference was Labour’s most overtly pro-business yet, with a marked increase in private sector engagement. Events were packed, and key industries were well-represented. Labour’s attempt to court business is a calculated move, reflecting the need for sustainable economic growth to achieve its broader goals amid dwindling public finances. But the clock is ticking, and business leaders are looking for more than just warm words. They want concrete policies to drive growth and investment. Labour’s credibility now hinges on making the leap from ambition to action. 

Housing and energy dominated discussions. Labour’s housebuilding pledges are ambitious, but the private sector is frustrated by the lack of detail on planning reform and investment incentives. The housing crisis needs more than just targets; it requires policies that will cut through red tape and get projects off the ground. Businesses want clear measures to streamline the planning process, incentivise investment, and enable large-scale homebuilding. 

Energy was another flashpoint, with Labour’s plans for GB Energy—a proposed state-owned company headquartered in Aberdeen—drawing significant attention. While this signals a commitment to the energy transition, doubts remain about whether GB Energy can attract the private investment needed to scale renewable projects. Those in the sector expressed their worry that without a clear strategy to integrate GB Energy into the broader market, it risks becoming a symbolic gesture rather than a driver of real change. 

Controversy over the Energy Profits Levy and investment allowances for oil and gas companies further complicated the energy debate. Labour’s stance has created friction with the energy sector, especially in the North Sea, where companies argue the levy is stifling investment in future oil and gas projects. The investment allowances, which let firms offset tax liabilities by investing in new energy infrastructure, are seen by some as at odds with Labour’s green energy ambitions. The challenge for Labour is to balance support for the energy transition with maintaining a stable investment climate. 

However, the overriding theme of the conference was economic growth. Labour understands that without robust growth, its social and environmental ambitions will falter. This was the most growth-focused Labour conference to date, and businesses took notice. Yet, specifics on how Labour plans to achieve this growth were lacking. How will they incentivise private sector investment? How will they ensure that tax and regulatory policies support innovation and expansion? Business is ready to engage, but it needs clearer signals that Labour is serious about creating conditions for sustainable growth. 

For many businesses and organisations, this is a moment of opportunity. Labour has outlined its priorities, but the details are still being worked out. This is a unique chance for organisations to influence policy and help shape Labour’s plans. But time is running out. The honeymoon period is over, and Labour must now deliver on its promises.  

KeyFacts Energy Industry Directory: BIG Partnership

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