Manifesting....

Along with the rest of the country I read with interest all of the party manifestos this week. Finally something more substantial to think about. Given the polls I spent most time reviewing what the Labour Party had to say.

At the end of the day, the manifesto itself isn't super precise on a wide range of points. Perhaps not surprising given the strategy to date. Moreover, I will believe it when I see it that we can generate ￡5bn+ from ending non dom status and clamping down on tax avoidance. Even the Guardian has its doubts.

All of that said, there was plenty in here that is worth highlighting. Here are a few things which caught my attention. Largely because they overlap with some of my own areas of focus.

Business & the Economy

Like many I have been deeply frustrated by the short termism we've felt in UK politics since the Brexit vote. It has impacted many aspects of life in this country. In the business world we have been crying out for a coherent, long term strategy. This means limited, sensible regulation, significant investment and a focus on the areas where we really can succeed, building on our strengths.

Labour say they "will take a sectoral approach and be clear-eyed about where the UK enjoys advantages over other countries. Our approach will back what makes Britain great: our excellent research institutions, professional services, advanced manufacturing, and creative industries. We will 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". This is an outstanding mission statement. I really hope they can deliver on it (if elected of course).

I also like the idea of a National Wealth Fund although I would prefer to see investment decisions being led by the private sector.

Anyone reading my posts would have seen a focus on how we build the strength of our capital markets. So it was great to read that "Labour will also act to increase investment from pension funds in UK markets. We will adopt reforms to ensure that workplace pension schemes take advantage of consolidation and scale, to deliver better returns for UK savers and greater productive investment for UK PLC". But this is extremely high level. Maybe it isn't great politics to get into the detail but this isn't an easy task and just saying it will be so doesn't do the job for me.

I thought this paragraph was an interesting inclusion: "Labour will also explore new business and governance models for Royal Mail so that workers and customers who rely on Royal Mail services can have a stronger voice in the governance and strategic direction of the company". The party has been clear on its approach to GB Energy and to Rail. Is there a question of further nationalisation or nationalisation-lite? We need clarity on what this means.

Stability and visibility on business and personal taxation is important. Labour has done a decent job on the first, committing to cap Corporation Tax at 25%. But on the latter I feel there is a lot that is unsaid. There are comments about not wanting to increase the tax burden on working people. But there are significant investment priorities in the manifesto and concerns over the income plans. So....

NHS

There is plenty to get your teeth into here, from the 40k additional appointments per week to the focus on family doctors, dentistry and social care. All to be funded by the ￡5bn I mentioned above.

At the Royal Free Charity we have been spending a huge amount of time thinking about how we can support the NHS via our fundraising. Focusing on major challenges. For example, funding the ￡8 million positron emission tomography (PET) scanner, recently installed at the Royal Free Hospital. So it was great to read that "Labour will introduce a new ‘Fit For the Future’ fund to double the number of CT and MRI scanners, allowing the NHS to catch cancer and other conditions earlier, saving lives." Something desperately needed when you consider that our country currently has one of the lowest number of scanners per head in the OECD...

Early Years

At The Royal Foundation of The Prince and Princess of Wales one of the primary areas of focus is on early childhood and the outsized impact on life outcomes that this crucial period has for any child. It was great to read about the focus in the manifesto on this area.

Trust in Politics

I've written about this a few times recently. The manifesto includes a significant section titled Serving the Country. It's worth reading. Whatever you think about votes for young people, devolution or hereditary peers it is clear that we need to restore trust in politics and politicians. I hope they can follow through on these promises too...