WHAT happens next in Westminster's corridors of power must now transcend politics...

It’s my honest opinion that the new Labour government should - for all our sakes - prioritise the wellbeing of both ‘Yorkshire plc’ and 'East Midlands plc' as well as 'UK plc.’

Please allow me to let you know why I believe this matters so profoundly – and why it’s essential for Sir Keir Starmer to adopt a truly businesslike approach to running this great country.

Throughout a 40-year career in financial services, I've witnessed first-hand on many separate occasions how the success of politics and business are inextricably linked.

In short, the success of the latter is invariably assisted by the smooth administration of the former.

I’ve seen this manifest itself repeatedly here in Yorkshire and the East Midlands when some of our great cities and towns jettison political differences and work together to create a regional tour de force.

Financial growth through investment and regeneration invariably ensues.

And the early indications from Sir Kier Starmer's tenure in Number 10 Downing Street have been resolutely positive.

Indeed, the transition to a Labour administration has gone as smoothly as it probably could.

It’s been heard anecdotally that the various government departments have welcomed their new heads of department – from education to health - with open arms.

This bodes well for resolving the malaise surrounding investment and pay disputes.

And the recent King’s Speech both confirmed and publicly asserted the government’s intentions.

But it’s what happens once this honeymoon period ends that will truly indicate what lies ahead.

A businesslike approach…

At this point, I’m calling on the new government to mirror the approach taken by all well-run businesses.

For example, as a financial planner I’m required by the Financial Conduct Authority (FCA) to ensure that emergency protocols and funds are in place which serve our clients’ best interests.

Consequently, financial planners like me regularly sit down to think through our overarching approach to business to ensure that everything we do is in clients’ best interests.

While these reviews can be onerous, I’m the first to acknowledge that they’re beneficial for business and the wider reputation of my sector.

Put simply, the PM must adopt the same forensic and strategic approach to running the country based on regular reviews predicated on the most up-to-date facts.

Personally, I applauded him for making three key appointments to his newly formed government drawn from outside parliament as, in my experience, businesses also succeed when the right people are in the right roles.

I’m referring, of course, to the appointments of Sir Patrick Vallance as the UK's chief scientific minister, Richard Hermer KC as attorney general and James Timpson, of Timpson Group, as the new prisons minister – all of whom have top-level experience in the fields to which they’ve been appointed.

It’s also fabulous that someone with a real knowledge of Yorkshire – namely the Rachel Reeves, the MP for Leeds West and Pudsey – has been appointed Chancellor of the Exchequer.

I was interested to note back in May, that Rachel ruled out an immediate emergency Budget as Labour would wish to view forecasts from the Office of Budget Responsibility (OBR), which take ten weeks to commission.

Based on this, the first Budget under the Labour Government now looks likely to take place this autumn.

This is a well thought through and businesslike approach – which will not scare the markets.

Concluding thoughts…

Since coming to power, Labour has asserted its intention to make unpopular decisions.

This was possibly most clearly evidenced when the Chancellor pledged a return to compulsory housebuilding targets and the newly appointed Secretary of State for Energy Security and Net Zero, Ed Miliband, revoked the ban on onshore windfarms.

While we wait to see the extent of the public backlash against these, both proposals are clearly gutsy and highlight the renewed vigour with which the government is targeting economic prosperity and energy security.

It’s now my residing hope that this new government will provide a much needed shot in the arm for 'UK plc'.

And - so far - there’s been much to be positive about.

But the government’s policies must constantly evolve to ensure that a strategic and businesslike approach to running the country consistently evolves before being appropriately implemented.

Ultimately, this will be in everyone’s best interests both regionally and nationally.

• Jillian Thomas is divisional director of the Renishaw office of Amber River Leodis Wealth.