Introduce a new industrial strategy
Establish an Industrial Strategy Council, on a statutory footing, to provide expert advice.
Take a sectoral approach.
Secure the future of Britain’s automotive and steel industries.
Back what makes Britain great: our excellent research institutions, professional services, advanced manufacturing, and creative industries.
Set out plans for automotive, life sciences and other vital sectors of the economy
Ensure a pro-business environment, with a competition and regulatory framework, that supports innovation, investment, and high-quality jobs.
Procurement and trade policy will also be aligned with our industrial strategy priorities.
Publish a roadmap for business taxation for the next parliament
Will retain a permanent full expensing system for capital investment and the annual investment allowance for small business.
Update national planning policy to ensure the planning system meets the needs of a modern economy, making it easier to build laboratories, digital infrastructure, and gigafactories.
Support the transition to electric vehicles by accelerating the roll out of charge points, giving certainty to manufacturers by restoring the phase-out date of 2030 for new cars with internal combustion engines, and supporting buyers of second-hand electric cars by standardising the information supplied on the condition of batteries
Secure the UK aviation industry’s long-term future, including through promoting sustainable aviation fuels, and encouraging airspace modernisation
Capitalised with £7.3 billion over the course of the next Parliament, the National Wealth Fund will have a remit to support Labour’s growth and clean energy missions. Plan to allocate:
- £1.8 billion to upgrade ports and build supply chains across the UK
- £1.5 billion to new gigafactories so our automotive industry leads the world
- £2.5 billion to rebuild our steel industry
- £1 billion to accelerate the deployment of carbon capture
- £500 million to support the manufacturing of green hydrogen.
Reward clean energy developers with a British Jobs Bonus, allocating up to £500 million per year from 2026, to incentivise firms who offer good jobs, terms and conditions and build their manufacturing supply chains in our industrial heartlands, coastal areas, and energy communities.
Prioritise UK businesses for defence investment and will reform procurement to reduce waste.
National Wealth Fund supports the most energy intensive sectors to decarbonise.
Supports the introduction of a carbon border adjustment mechanism.
Take decisive action to improve building safety, including through regulation, to ensure we never again see a repeat of the Grenfell fire.