BUSINESS LIVE: Pound edges up as Labour wins landslide

Emma Jones CBE, founder and CEO of Enterprise Nation, comments on what a Lbaour general election victory might mean for small businesses:

We are particularly encouraged by Labour’s recognition of the crucial role entrepreneurs, start-ups and small businesses will play in realising their vision for a more prosperous Britain. Supporting small enterprises means more innovation, more quality jobs, and local economic revitalisation.

Labour’s manifesto included several pledges that resonate with our members’ priorities, as outlined in our small business manifesto. The commitment to reform the outdated business rates system is a welcome step towards a fairer model for all businesses.

We are also pleased to see Labour’s plans to tackle late payments, improve access to public contracts for SMEs, and boost exports through targeted advice and a clear trade strategy. These initiatives have the potential to significantly support small business growth and success.

The promise to guarantee access to banking services on the high street through accelerated banking hubs is another positive move that could contribute to broader high street regeneration efforts.

As Labour prepares to take office, we look forward to working closely with the new government to help bring their mission for economic growth to life. We stand ready to offer our expertise and represent the voices of entrepreneurs and small businesses as these important policies are developed and implemented.

Ben Ritchie, head of developed market equities at Abrdn, comments on the election victory by Labour:

A landslide victory provides the sort of clarity and stability that equity markets need in an increasingly volatile world.

Labour’s pro-growth agenda is key to delivering the tax revenues needed to fund public services, with private capital playing a vital role in supporting investment.

If the new Government get this right, businesses with significant exposure to the UK economy should be the likely winners – a shot in the arm in particular for companies in the FTSE 250 and FTSE Small Cap. With just a little more patience, investors could finally be rewarded.

A key priority for the new Government should be to make UK equities more attractive for both domestic and international investors.

One of the quickest and most effective way to deliver this is to scrap stamp duty on UK shares, making Britain more competitive, rewarding savers and attracting vitally needed inward investment.