On 4th July 2024, the Labour party won a landslide victory in the UK General Election – for the first time in over 14 years – with a solid majority of over 174 seats.
The country’s newly appointed Prime Minister, Sir Keir Starmer, made multiple references to both the tourism and events sector leading up to and during the election, specifically sporting events such as the UEFA European Football Championship, ICC Women’s T20 World Cup and the Invictus Games.
Now, the jury is out on whether the Labour government can achieve its broader policy objectives whilst driving forward the UK events industry and the positive impact it has on not only the country’s economy but its cultural legacy too.
An economic powerhouse
Events, trade shows and exhibitions are ready-made marketplaces that help create and grow business through building connections, providing crucial knowledge and keeping us informed across all sectors. For this reason, the events industry is a key economic driver that needs to be embraced and nurtured by the new government.
This unique marketplace’s ability to drive growth – and more importantly awareness – across the UK is coupled with key manifesto pledges including increased investment towards the hosting of major sporting events which are known to provide obvious financial benefits whilst appealing to multiple demographics.
As the economy continues to grow and inflation targets are met once again, an era of optimism will emerge and towns and cities across the UK stand ready to benefit from a ‘Labour bounce’.
Implement practical policies
In order to take full advantage of the opportunities provided by the events industry, the government needs to invest more in driving regional and national economic development. By leveraging events as platforms whilst introducing practical support in the form of government policies, the UK can enhance its competitiveness in the sector.
For example, the Terrorism (Protection of Premises) Bill, also known as Martyn’s Law, was initially introduced to enhance public safety by ensuring there is better preparedness for, and protection from, terrorist attacks. This Bill was recently included in the King’s Speech on 17th July as part of the programme of legislation the new government intends to pursue and improve moving forwards.
Encourage international collaboration
Although the new government has pledged to “reset” the UK’s relationship with the European Union post-Brexit, additional measures such as the facilitation of Visa schemes and an event tax credit scheme to attract and support events need to be introduced to achieve increased international collaboration and position the UK as a leading destination for global events.
For this reason, the need for political engagement and backing within the events sector is more important than ever, and why we need to identify the opportunities that business events can bring to our country whilst simultaneously pushing for policies and initiatives that create a stronger UK event economy.
Hosting potential
Moreover, venues are primed and with targeted support, enhanced awareness and localised financial backing from central government to local councils, a bespoke formula can be created to secure events and therefore the significant economic impact these bring from organisers across Europe and the rest of the world.
The competitiveness of venues to host (particularly outside London) is notable, and with a Pound that remains relatively weak against other major currencies and an underlying and renewed interest in visiting the UK, the new government should stand ready to listen and support strategies to bring all types of events to our shores.
In conclusion, Labour’s election victory should prompt a refreshed approach in Parliament, promoting a new government that’s keen to make a significant and positive influence on and for the country.
This much-needed political change will welcome a new lease of confidence and enthusiasm across the nation, including the UK’s events industry, which maintains the vast potential to aid and even strengthen any government’s policy objectives.
By Simon Hainsworth, Managing Director of Corporate & Sporting Events Management (CSE)
