The UF's platform was called the Common Programme; it featured extensive nationalization, a non-aligned foreign policy, expanded social programmes, and replacement of the British-imposed, monarchical Soulbury constitution with a republican constitution.

The UNP government of Dudley Senanayake had not made much headway with Ceylon's twin problems of inflation and unemployment, nor had it attempted solving the linked problems of feudal property relations and adverse terms of trade by agrarian reform and industrialisation.

The UNP had become widely perceived as a party of the rich, out of touch with the concerns of ordinary people.

The UF Government established the free, sovereign and independent Republic of Sri Lanka in 1972, breaking the last ties of colonialism.

Increased protection led to growth in the manufacturing sector, particularly in textiles and garments, electronics and industrial machinery.