The results are in. Keir Starmer’s Labour Party is now in Government.
Our experts followed the electoral campaigns to paint a picture of what post-election Britain will look like for business leaders. And we’ll be adding to that as the new Government releases more information about its plans.
Tax under Labour
Our tax experts will be looking out for any Government announcements on tax. We’re expecting a Budget in September or October to cast more light on what businesses can expect.
In its manifesto, Labour promised to cap corporation tax at 25% for the entire Parliament, and pledged not to increase National Insurance, Income Tax and VAT. You can also expect a greater focus on closing the tax gap from a better armed and tech-enabled HMRC.
Our tax experts provide their views on what we can expect next on tax policy.
The economic outlook
Rishi Sunak called the General Election saying that inflation was getting under control and the economy was on the up.
Our latest economic forecast shows the UK economy is turning a corner – albeit at a modest pace. We’re expecting growth of 0.5% this year, rising to 0.9% in 2025. With inflation seemingly back on track, we’re forecasting interest rates to fall towards 3% by the end of next year.
The energy transition under Labour
Keir Starmer has set out ‘5 Missions’ for a Labour Government. One of these is to fully decarbonise the power system by 2030.
In doing so, Labour wants to make Britain a ‘clean energy superpower’. That will involve the creation of GB Energy and a National Wealth Fund to help de-risk private sector investments and speed up deployment. Upstream oil and gas companies will face a higher windfall tax and withdrawal of ‘unjustifiably generous’ investment allowances. And larger companies will face new obligations to produce ‘Paris-aligned’ Climate Transition Plans.
Our experts look at what that could mean for energy and utilities companies, and investors focused on the energy transition.
The impact on private equity
KPMG experts on private equity, corporate finance, tax policy and economics discuss what the result of the UK election mean for the mid-market private equity landscape.
Investing in technology to drive growth
The new Government can drive economic growth by encouraging investment in innovation and emerging tech.
Here are our latest technology insights.
