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ARTICLE · 22 FEBRUARY 2024

Pension Fund Reform

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It is highly probable that the upcoming General Election will result in a Labour government.

United KingdomEmployment and HR
David Gauke
David Gauke
Christopher Good
Christopher Good
Margarida Ferreira
Margarida Ferreira

It is highly probable that the upcoming General Election will result in a Labour government. Historically, the poll rating of the Conservative Party when in power improves in the last few months of a Parliament, but no government has ever won re-election when this far behind in the polls – 15 to 20 percentage points – this close to an election.

It is worth giving some thought, therefore, to what a Labour government will mean for the private capital industry.

The growth agenda

It is useful to consider the wider economic and political environment which any Labour government would inherit. The public finances would be in a fragile situation. Government debt is approximately 100% of GDP; debt interest is one of the highest items of government expenditure; public spending projections require substantial cuts in unprotected departments; and taxes are already at the highest level for 70 years. Calls for higher spending may be irresistible, but there is little scope

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