Understanding the Labour Party’s 2024 manifesto: Key insights for businesses, workers, and the recruitment sector
In the wake of the Labour Party’s landslide victory, the UK stands on the brink of significant change. The 2024 manifesto presents an ambitious plan aimed at transforming the economic and social landscape with a strong focus on fairness, growth, and innovation. But what does this change look like in practice, and how will it impact businesses, workers, and our existing tax structure?
Key highlights from Labour’s 2024 manifesto:
Tax reforms:
Labour’s tax proposals are designed to create a fairer system, ensuring that everyone pays their fair share.
The party pledges not to increase taxes on working people, including National Insurance, Income Tax rates, or VAT. Instead, it aims to abolish non-dom status, close inheritance tax loopholes, and enforce stricter measures against tax avoidance by large businesses and the wealthy
Business Support:
Supporting small businesses is a cornerstone of Labour’s economic strategy.
The manifesto promises reforms to business rates, measures to tackle late payments, and enhanced access to government contracts. These changes are expected to level the playing field between high street retailers and online giants, fostering a more competitive and vibrant business environment.
Worker Protections:
Labour’s commitment to workers’ rights is evident in its plans to introduce basic rights from day one of employment, ban exploitative zero-hours contracts, and ensure a genuine living wage for all adults.
The creation of a Single Enforcement Body to uphold employment rights and the extension of protections to self-employed workers reflect a comprehensive approach to improving job security and conditions.
Want even more insights?
At QPS, we are dedicated to supporting businesses with expert payroll and financial services, and offering insightful analysis and practical advice on employment and tax legislation. Our mission is to help businesses navigate complex regulatory landscapes with confidence. This is why we’ve taken the time to go through the new Labour manifesto and highlight the bits that are most important to you, giving you insights and expert analysis on its implications for employment, tax, and business support.
