Labour's Manifesto.... Their economic vision and what it could mean for workers and businesses across the UK.

The manifesto lays out an ambitious plan to "turn the page" on Tory chaos and kickstart economic growth through stability, investment, and reform.

But what does that actually entail for the backbone of Britain's economy - its workers and businesses?

Let's start with the impact on workers. One of Labour's flagship policies is implementing their "New Deal for Working People" within 100 days. This would usher in sweeping changes to employment laws ill-suited for today's economy. Zero-hours contracts, that bane of job security, would be banned outright. The controversial practice of firing and rehiring staff would be outlawed and from day one on the job, workers would have basic entitlements like parental leave, sick pay, and protection against unfair dismissal.?

But it's not just about measures against exploitative practices. Labour is planning to strengthening the collective bargaining power of trade unions, giving workers a louder voice. Their plan to create a Single Enforcement Body aims to ensure these new employment rights are properly upheld. Perhaps most significantly for the pay-packets of millions, the independent Low Pay Commission would be tasked with factoring in the cost of living when setting minimum wage rates for the first time. Labour pledges this new "genuine living wage" with no more discriminatory age bands.

On the employment support front, a shakeup is planned by merging Jobcentre Plus and the National Careers Service into one national jobs and careers service. This unified approach would focus on getting people into work and helping them get on at work.

Crucially, the manifesto acknowledges long-standing issues around disability employment support, pledging reforms to the criticised Work Capability Assessment and better transitional protections with Access to Work. Underscoring Labour's point that making work pay is core to boosting productivity and growth.

Speaking of growth, what's actually in it for British businesses? Well, the manifesto is clear - Labour wants to be pro-business as the "party of wealth creation." A key olive branch is capping corporation tax at the current 25% level - the lowest in the G7 - for the full parliamentary term. The aim is to provide certainty to businesses and to allow long-term business planning. Beyond maintaining a competitive tax environment, Labour promises a "strategic partnership" with industry through its new mission-driven industrial strategy. Sectors like finance, automotive, life sciences and "the creatives" are explicitly referenced for targeted policy support. This fresh partnership approach will extend to working with the private sector on big infrastructure delivery and even consulting on how to implement their sweeping employment law changes before they're legislated.

To encourage investment, a new National Wealth Fund capitalised with ￡7.3 billion over five years is slated. From backing gigafactories for the auto sector to rebuilding steel manufacturing, the fund aims to attract ￡3 of private capital for every ￡1 of public funding. Small and medium businesses could find it easier to access finance too, through mooted reforms to the British Business Bank and its regional focus. Labour also promises to reform procurement to give more public contract opportunities.?

Red tape would be streamlined via a new Regulatory Innovation Office which will be charged with helping agencies update rules quickly for emerging technologies. Although details are light on how this would work with Labour's policy of binding AI regulation.

On the housing front, Labour's brownfield-first approach, combined with relaxing compensation rules and strategic greenbelt releases, promises to unlock 1.5 million new homes in the next parliament. A potential boom for the construction industry and development. Balanced against this pro-business tilt are policies likely to prove more contentious in corporate corridors. Labour's plan to abolish non-dom tax status and close the private equity carried interest loophole. There is the sector of new taxes on overseas property investors too.

So in summary - an array of labour market reforms geared toward securing higher wages, better rights and greater job opportunities for workers. While businesses are assured a stable, collaborative policy environment incentivising investment and growth.

But of course, the devil will be in the details of implementation and whether Labour's "New Economic Settlement" can deliver that elusive balanced boost to UK productivity that's eluded governments for years. Now it’s over to the British voters to evaluate whether these reforms will get Britain building, investing and financially secure once again, or is it just another batch of promises lacking the foundations for delivery?

APSCo Tania Bowers Alex Challoner Keith Rosser Neil Carberry The Labour Party