Labour wins 2024 General Election: Enterprise Nation's small business reaction

Keir Starmer is the UK's new prime minister after the Labour Party won a landslide victory in the 2024 General Election.

Labour won 412 seats, a majority of 174 over the Conservatives who achieved 121 seats, the worst in the party's history.

The Liberal Democrats won 72 seats, the party's highest since 1972. Reform UK won five seats and the Green Party got four. See the full General Election 2024 results here.

As the exit poll was announced, Enterprise Nation members shared their instant reaction. Read what they had to say here.

UPDATE: Keir Starmer is announcing his new Cabinet members and ministers of state. Find more details here.

Sunak announces intention to resign and Starmer becomes prime minister

In a speech in Downing Street on Friday morning, Rishi Sunak said he will step down as Conservative leader when the process for choosing a new leader is set up.

After the speech, Sunak then met King Charles III at Buckingham Palace and resigned as prime minister, before Keir Starmer met the monarch and became the new prime minister.

In a speech in Downing Street, Starmer said there is a need for a "reset". He pledged that "change" will begin "immediately", with his party promising to "rebuild" the UK's "infrastructure of opportunity...brick by brick", and create wealth "in every community".

The prime minister added:

"Whether you voted Labour or not - in fact especially if you did not - I say to you directly, my government will serve you.

"Politics can be a force for good. We will show that.

"For too long now, we have turned a blind eye as millions slid into greater insecurity.

"Recognised at moments like this before...yet as soon as the cameras stop rolling, their lives are ignored.

"I want to say very clearly to those people: Not this time."

Concluding his speech, Starmer said:

"With respect and humility, I invite you all to join this government of service in the mission of national renewal.

"Our work is urgent and we begin it today."

Enterprise Nation's reaction to Labour's victory

Commenting on the Labour Party's General Election victory and their plans for small businesses, Enterprise Nation founder and CEO Emma Jones CBE, said:

"We congratulate Sir Keir Starmer and the Labour Party on their landslide election victory. Their emphasis on economic growth as the number one priority aligns with the needs of the small business community.

"We are particularly encouraged by Labour's recognition of the crucial role entrepreneurs, start-ups and small businesses will play in realising their vision for a more prosperous Britain. Supporting small enterprises means more innovation, more quality jobs, and local economic revitalisation.

"Labour's manifesto included several pledges that resonate with our members' priorities, as outlined in our small business manifesto. The commitment to reform the outdated business rates system is a welcome step towards a fairer model for all businesses.

"We are also pleased to see Labour's plans to tackle late payments, improve access to public contracts for SMEs, and boost exports through targeted advice and a clear trade strategy. These initiatives have the potential to significantly support small business growth and success.

"The promise to guarantee access to banking services on the high street through accelerated banking hubs is another positive move that could contribute to broader high street regeneration efforts.

"As Labour prepares to take office, we look forward to working closely with the new government to help bring their mission for economic growth to life. We stand ready to offer our expertise and represent the voices of entrepreneurs and small businesses as these important policies are developed and implemented."