Catherine West

Navigating the United Kingdom's New Political Era | Asia Summit 2024

Jonathan McClory, Catherine West, Rachel Wolf

Following the 2024 UK general election, the Labour Party secured an absolute majority under Prime Minister Keir Starmer to address stagnant growth and fiscal constraints while prioritizing planning reform and rapid energy decarbonization. The administration is leveraging its new mandate to boost investment in the Indo-Pacific region, evidenced by the CPTPP accession and recent deals with South Korean and Australian entities, while simultaneously finalizing a stable three-principle framework for relations with China by early spring. Chancellor Rachel Reeves and the Treasury face the challenge of funding these growth initiatives without raising taxes on the majority of workers, necessitating potential levies on businesses and assets amidst a domestic political landscape where all major parties struggle to exceed 30% support.