The Conservative Party has lost power in a landslide victory for the Labour Party, ending their 14-year rule. Sir Keir Starmer will become Prime Minister after Labour secured a large majority of 410 seats, far surpassing the required 326 to control power in Westminster. Former Labour leader Jeremy Corbyn won his seat as an independent candidate, reflecting the changing face of British politics.
Notably, the Scottish National Party suffered a significant loss, dropping from 37 seats to just 8 after Labour made significant gains in the country. Nigel Farage’s new party won four seats, while the Liberal Democrats and the Green Party each added several new seats to Parliament. The Labour Party’s victory gives small businesses certainty and security, and it also provides an easier path for the government to pass new legislation.
“We need to see from Keir Starmer and Rachel Reeves in the first 100 days a clear commitment to small businesses,” said James Robson, CEO of FundOnion, praising the new government’s stated goals of innovation and cutting red tape. Gary Smith, a partner in financial planning at wealth management firm Evelyn Partners, added that Labour’s majority gives the new government “great executive power” and the potential to implement a “bolder agenda” further into the Parliament’s term.
The election results also open up opportunities for the UK tech sector. Alan Price, CEO at BrightHR, applauded Labour’s commitment to invest in digitalisation and empower the domestic tech sector. Meanwhile, Kate Palmer, employment services director at HR firm Peninsula, warned that businesses should be prepared for significant changes to employment law as Labour seeks to strengthen employee rights.
Overall, the Labour Party’s victory marks a new chapter in British politics, bringing with it both opportunities and challenges for businesses and industries across the country.
