We will work in partnership with industry to seize opportunities and remove barriers to growth.
We will end short-term economic policy making with the establishment of an Industrial Strategy Council, on a statutory footing, to provide expert advice.
We will ensure representation on the Council from all nations and regions, business and trade unions, to drive economic growth in all parts of the country.
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.
Boosting investment
Public investments, where it supports and de-risks additional private investment, can create good jobs across the country and would mean British taxpayers can reap the benefits of economic growth.
To realise these opportunities, Labour will establish a National Wealth Fund.
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, making transformative investments across every part of the country.
The fund will have a target of attracting three pounds of private investment for every one pound of public investment, creating jobs across the country.
We 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.
Labour will 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.
We will also undertake a review of the pensions landscape to consider what further steps are needed to improve pension outcomes and increase investment in UK markets.
Business taxation
We are committed to one major fiscal event a year, giving families and businesses due warning of tax and spending policies.
We will publish a roadmap for business taxation for the next parliament which will allow businesses to plan investments with confidence.
Labour will cap corporation tax at the current level of 25 per cent, the lowest in the G7, for the entire parliament, and we will act if tax changes in other countries pose a risk to UK competitiveness.
We will retain a permanent full expensing system for capital investment and the annual investment allowance for small business.
We will give firms greater clarity on what qualifies for allowances to improve business investment decisions.
In England, Labour will the business rates system, so we can raise the same revenue but in a fairer way.
Economic Infrastructure
Labour will develop a ten-year infrastructure strategy, aligned with out industrial strategy, aligned with our industrial strategy, and regional development priorities, including improving rail connectivity across the north of England.
We will work closely with business to map and address the delivery challenges we face.
We will create a new National Infrastructure and Service Transformation Authority, bringing together existing bodies, to set strategic infrastructure priorities and oversee the design, scope and delivery of projects.
We will set out new national policy statements, make major projects faster and cheaper by slashing red tape, and build support for developments by ensuring communities directly benefit.
We will 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.
Labour will make a renewed push to fulfill the ambition of full gigabit and national 5G coverage by 2030.
Labour will 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.
A modern transport network
Labour will fix an additional one million potholes across England in each year of the next parliament, funded by deferring the A27 bypass, which is poor value for money.
Labour will tackle the soaring cost of car insurance.
Labour will 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
Supporting buyers of second-hand electric cars by standardising the information supplied on the condition of batteries
We will reform the railways and bring them into public ownership. We will do this as contracts with existing operators expire or are broken through a failure to deliver, without costing the taxpayers a penny.
We will reform bus routes through new powers for local leaders to franchise local bus services, and we will lift the ban on municipal ownership.
Labour will give mayors the power to create unified and integrated transport systems, allowing for more seamless journeys, and to promote active travel networks.
Labour will develop a long-term strategy for transport, ensuring transport infrastructure can be delivered efficiently and on time.
Labour will promote sustainable aviation fuels and encourage airspace modernisation.
Driving innovation
We will ensure our industrial strategy supports the development of the Artificial Intelligence (AI) sector, removes planning barriers to new datacentres.
We will create a National Data Library to bring together existing research programmes and help deliver data-driven public services, whilst maintaining strong safeguards and ensuring all of the public benefit.
Labour will scrap short funding cycles for key R&D institutions in favour of ten-year budgets that allow meaningful partnerships with industry to keep the UK at the forefront of global innovation.
We will work with universities to ensure start-ups have the access to finance they need to grow.
We will simplify the procurement process to support innovation and reduce micromanagement.
Labour will create a new Regulatory Innovation Office, bringing together existing functions across government.
Labour will ensure the safe development and use of AI models by introducing binding regulation on the handful of companies developing the most powerful AI models and by banning the creation of sexually explicit deepfakes.
Support for small business and the self-employed
We will take action on late payments to ensure small businesses and the self-employed are paid on time.
We will improve guidance and remove barriers to exporting for small businesses.
We will reform the British Business Bank, including a stronger mandate to support growth in regions and nations.
We will reform procurement rules to give small businesses greater access to government contracts.
Labour will look for ways to strengthen the Post Office network, in consultation with sub-postmasters, trade unions and customers, and support the development of new products, services and business models, such as banking hubs.
We will ensure justice and compensation for those sub-postmasters affected by the Horizon IT scandal.
Get Britain building again
Labour will build 1.5 million new homes over the next parliament.
We will immediately update the National Policy Planning Framework, including restoring mandatory housing targets.
We will ensure planning authorities have up-to-date Local Plans and reform and strengthen the presumption in favour of sustainable development.
Labour will support local authorities by funding additional planning officers, through increasing the rate of the stamp duty surcharge paid by non-UK residents.
Labour will take a brownfield first approach, prioritising the development of previously used land wherever possible, and fast-tracking approval of urban brownfield sites.
Labour is committed to preserving the green belt which has served England's town and cities well over many decades.
In partnership with local leaders and communities, a Labour government will build a new generation of new towns.
Labour will require all Combined and Mayoral Authorities to strategically plan for housing growth in their areas.
We will give Combined Authorities new planning powers along with new freedoms and flexibilities to make betters use of grant funding.
We will strengthen planning obligations to ensure new developments provide more affordable homes.
We will make changes to the Affordable Homes Programme to ensure that it delivers more homes from existing funding.
We will support councils and housing associations to build their capacity and make a greater contribution to affordable housing supply.
Labour will work with local authorities to give first-time buyers the first chance to buy homes and end the farce of entire developments being sold off to international investors before houses are even built.
We will introduce a permanent, comprehensive mortgage guarantee scheme, to support first-time buyers who struggle to save for a large deposit, with lower mortgage costs.
Economic growth across the country
Labour will transfer power out of Westminster, and into our communities, with landmark devolution legislation to take back control.
In England, Labour will deepend devolution settlements for existing Combined Authorities.
We will widen devolution to more areas, encouraging local authorities to come together and take on new powers.
At the centre of our approach is a new statutory requirement for Local Growth Plans that cover towns and cities across the country.
Local leaders will work with major employers, universities, colleges, and industry bodies to produce long-term plans that identify growth sectors and put in place the programmes and infrastructure they need to thrive.
Labour will review the governance arrangements for Combined Authorities to unblock decision making.
We will provide greater flexibility with integrated settlements for Mayoral Combined Authorities that can show exemplary management of public money.
Labour will give councils multi-year funding settlements and end wasteful competitive bidding.
Labour will provide capacity and support to councils, and will overhaul the local audit system, so taxpayers get better value for money.
Labour will work with the Scottish and Welsh Governments, and the Northern Ireland Executive, to drive growth across the country.
A fair and properly managed immigration system
Labour will reduce net migration.
We will reform the points-based immigration system so that it is fair and properly managed, with appropriate restrictions on visas, and by linking immigration and skills policy.
Labour will not tolerate employers or recruitment agencies abusing the visa system. Employers who flout the rules will be barred from hiring workers from abroad.
Labour will bring joined-up thinking, ensuring that migration to address skills shortages triggers a plan to upskill workers and improve working conditions in the UK.
We will strengthen the Migration Advisory Committee, and establish a framework for joint working with skills bodies across the UK, the industrial Strategy Council and the Department for Work and Pensions.
Supporting people into work
We will bring Jobcentre Plus and the National Careers Service together to provide a national jobs and careers service, focused on getting people into work and helping them get on at work.
Labour will work with local areas to create plans to support more disabled people and those with health conditions into work.
We will devolve funding so local areas can shape a joined-up work, health, and skills offer for local people.
We will tackle the backlog of Access to Work claims and give disabled people the confidence to start working without the fear of an immediate benefit reassessment if it does not work out.
We will reform or replace the Work Capability Assessment, alongsider a proper plan to support disabled people to work.
Drawing together existing funding and entitlements, Labour will establish a youth guarantee of access to training, an apprenticeship, or support to find work for all 18-21 year olds, to bring down the number of young people who are not learning or earning.
We will gaurantee two weeks worth of work experience for every young person, and improve careers advice in schools and colleges.
We will work with the Scottish and Welsh Governments, and Mayors and Combined Authorities in England, to ensure all aspects of our new approach to Jobcentre Plus and employment support partner effectively with devolved provision, to offer the best opportunities for people right across the country.
Making work pay
We will implement "Labour's Plan to Make Work Pay: Delivering a New Deal for Working People" in full - introducing legislation within 100 days.
We will consult fully with businesses, workers, and civil society on how to put our plans into practice before legislation is passed.
This plan will include:
Banning exploitative zero hours contracts
Ending fire and rehire
Introducing basic rights from day one to parental leave, sick pay, and protection from unfair dismissal
We will create a Single Enforcement Body to ensure employment rights are upheld.
Labour will make sure the minimum wage is a genuine living wage.
We will change the remit of the independent Low Pay Commission so for the first time it accounts for the cost of living.
Labour will remove the discriminatory age bands, so all adults are entitled to the same minimum wage, delivering a pay rise to hundreds of thousands of workers across the UK.