One year into office, the Labour government faces a challenging economic landscape, but its new industrial strategy signals a serious, long-term commitment to addressing the UK’s productivity issues and unlocking economic growth through stronger partnerships with the private sector, says Claire Ainsley

Next week will be one year of the Labour government, and it just goes to show that a lot can happen in a year. Even Labour sources would admit that there’s been a sizable gap between expectation and reality for businesses who, on the whole, looked forward to a fresh new government. Many had been bruised by the later years of the Conservative government and a succession of challenges from Brexit, the pandemic, and inflation, and embraced the opportunity to work with a purposeful pro-business government.

The fiscal position has required some difficult choices for the incoming Labour government, not least the raising of employers’ National Insurance. Whilst Labour stuck to its pledge not to increase corporation tax beyond 25 per cent, and the Bank of England has begun to lower interest........

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