A snapshot of manifesto promises

Following the main political parties’ manifesto launches last week, the Future Economy Alliance briefly reviews how each publication address our campaign’s five core policy areas. Overall, there are many positives - but it is clear that detail is to be confirmed. We look forward to working with the next government, and opposition, to shape the potential of proposed policy to help fix our future and ensure mission-led businesses can deliver.

(Manifestos only included for Parties running across Great Britain. Reform Party had not published a final version manifesto at the time of publication.)

Local power to communities

It is great there is a shared commitment to creating growth opportunities across the country. Through reforming existing institutions such as the British Business Bank and the UK Infrastructure Bank, to pledges to develop new regional banks, there is an opportunity to deepen and expand investment opportunities for diverse businesses in every community.

Empowering communities to invest in and develop local assets and vital infrastructure, is another shared ambition of the main parties. Where it is through general support such as the expansion of the Community Ownership Fund, or target support to improve investment into community energy projects, it is clear that central government is beginning to take serious steps towards giving communities real control over local wealth.

People-powered green transition

Investment in an inclusive greener future is vital, as such it’s good to see commitments on community energy and working with mission-led businesses. There is some proposed green investment, none explicitly considering mission-led businesses nor tracking of effectiveness of funds.

The proposed National Wealth Fund from Labour has the potential to transform how central government directs investment into achieving a sustainable, just transition. Alongside their pledge to establish Great British Energy to work with energy companies, local authorities, and co-operatives to install clean power projects, there is a real opportunity to get more mission-led business models to play an active role in building the necessary infrastructure for a greener economy.

Unfortunately, no party has committed to a Future Generations Act, which would have been an opportunity to enshrine the preservation of social, environmental, and economic well-being into law. However, the proposed Climate and Nature Act from the Green Party serves as a potential example for how future governments could comprehensively embed inclusive green thinking across policy development.

Services for the public

Improved access for SMEs and consideration of climate and public benefit are important in public services, but we’d like to have seen more ambition towards collaborative public services delivery, comprehensive commitment to social value and a rebuttal of profiteering through public procurement.

We welcome the Liberal Democrats recognition that public benefit business models are preferable to the extractive firms which have asserted monopolistic control over utilities today. Stricter regulations on water companies, as proposed by Labour, would also demonstrate a willingness to curb poor business practices.

However, there remains very little to suggest that we can expect mission-led businesses to play a more active role in the delivery of public services, despite the obvious failings of the existing system of privatisation. From the production of clean energy to the delivery of health and social care, mission-led businesses are demonstrating a more productive approach to delivering vital public services, aligned with the interests of government, and these partnerships need to be better recognised, cultivated, and supported.

A fair industrial revolution

The main parties have recognised that we are entering a new digital age, and that technological advances offer huge opportunities for business. We welcome the various commitments to better recognise the need to regulate data and new technologies. However, issues of ownership, inclusive delivery models, and the need for diverse business models to play a role in the development and use of data and new technologies are very limited or absent altogether.

With new technologies promising to automate more production, it is important that we ensure workers are not left to suffer. To this end, the FEA has called on more investment and support for skills development, so the workforce can adapt to changing economic demands. It is very welcome that the main parties share this understanding of the challenge, with everyone committing to investing in skills development and training.

From Labour’s proposed establishment of Skills England to promote a more strategic approach to skills development, to the Liberal Democrat proposal for a lifelong skills grant, there is great recognition of the need for a comprehensive skills policy that supports people through their working lives and responds to the changing needs of business.

Help more business be mission-led

It is heartening that the role of mission-led; purpose driven businesses are being recognised across the political spectrum. Whether it is doubling the size of the co-operative and mutual sector, expanding the community ownership fund, or reforming corporate governance to embed statements of purpose across the corporate world, it is clear that the benefits of diverse business models are firmly rooted in the ambitions of the main political parties.

However, we can and must go further. When Labour promises to reform football governance to protect local clubs and give fans a greater say in the way they are run, it demonstrates they understand the value of community assets. We ask if this is good enough for the national game, why are we not looking to extend this to every business in every sector.

A more diverse business community can help mainstream mission-led approaches and support the growth of businesses whose interests are aligned to the people they serve. Businesses that invest in their communities, create employment opportunities, and which dedicate themselves to tackling the most pressing social challenges we face, are the cornerstone of a healthier, more inclusive, and more prosperous economy.

Let’s hope these manifestos are the first step towards creating the business community we deserve.