With Sir Keir Starmer’s Labour Party having won the 2024 general election, what does this mean for the engineering and manufacturing sectors?
In this blog, we will take a look at the key points from Labour’s manifesto which should give us a good idea as to what lies ahead.
Clean Energy Infrastructure
One of the key points in Labour’s manifesto was to create a new publicly-owned clean energy company, Great British Energy, to drive investment in renewable energy technologies. This will be backed by the government with an £8.3 billion investment.
Labour has committed to ambitious clean energy targets. Their plans include “doubling onshore wind, tripling solar power, and quadrupling offshore wind by 2030,” alongside investments in carbon capture and storage, hydrogen, and marine energy. Additionally, they aim to ensure the UK has the necessary long-term energy storage infrastructure.
A key part of this strategy is Labour’s promise to lift the effective ban on new onshore wind developments. This will be achieved by reforming planning regulations. The party expects these changes to enable onshore wind capacity to more than double, reaching 35GW by 2030.
Housing
To address the housing crisis, Labour has pledged to build 1.5 million new homes, facilitated by planning reform and other measures. They aim to “deliver the biggest increase in social and affordable house building in a generation.”
As part of these efforts, Labour has introduced a new land classification called “grey belt.” This designation applies to certain areas within the existing green belt that are either brownfield sites or of lower environmental quality. Examples include car parks and scrubland on the outskirts of towns, disused petrol stations, and areas around railway stations. By unlocking these “grey belt” areas for residential development, Labour hopes to significantly contribute to solving the country’s housing crisis.
Transport
In a plan described as the most significant overhaul in a generation, Labour has pledged to renationalise the passenger rail network within its first term. They aim to create a unified rail system focused on enhancing capacity, reliability, and efficiency. Labour expects that the core terms of existing contracts will expire within five years of taking office, allowing all operating contracts to transition into a newly established statutory body, “Great British Railways.”
“Great British Railways” will be an independent entity responsible for managing the rail network and overseeing its renationalisation.
Labour’s transport sector plans are part of their “Get Britain Building Again” campaign, which also emphasises developing critical transport infrastructure such as roads and ports to stimulate economic growth.
New Industrial Strategy
To support its economic growth ambitions, Labour plans to introduce a new industrial strategy focused on building domestic supply chains essential for achieving net zero and other long-term goals. They also aim to position Britain as an exporter of future technologies.
A new Industrial Strategy Council will be established to provide expert advice. Labour intends to create a National Wealth Fund to drive investment in growth and clean energy, with £7.3 billion earmarked for investment and a target to attract £3 of private investment for every £1 of public investment.
Key components of the fund include:
- £1.8 billion to upgrade ports and build supply chains.
- £1 billion to accelerate the use of carbon capture.
- £500 million to support the manufacturing of green hydrogen.
Labour also plans to introduce a British Jobs Bonus, allocating up to £500 million per year from 2026 to incentivise firms to develop their manufacturing supply chains within Britain.
In conclusion
In summary, the Labour government’s policies promise significant investments across several industries. These measures could ultimately drive growth and innovation in the engineering and manufacturing sectors, positioning it to capitalise on emerging opportunities in renewable energy and advanced technologies.
At Angle Ring, we position ourselves as a key part of the supply chain for national infrastructure projects and welcome the opportunities the new Labour government will bring to the engineering and manufacturing sectors.
Contact us on 0121 557 7241 or sales@anglering.com to see if we can help with any of your metal bending requirements.