UK Labour touts pro-business shift as industry figures back party in election

UK Labour touts pro-business shift as industry figures back party in election

Labour leader Keir Starmer's party is well ahead of the ruling Conservatives ahead of the July 4 election
Labour leader Keir Starmer's party is well ahead of the ruling Conservatives ahead of the July 4 election. Photo: Oli SCARFF / AFP/File
Source: AFP

The UK's Labour opposition vowed Tuesday to be both "pro-worker and pro-business" after winning the backing of 120 industry leaders as the party tries to oust the Conservatives in the upcoming general election.

In a speech at a Rolls Royce factory in central England, Rachel Reeves -- who is set to become finance minister if Labour wins power on July 4 -- argued it was now "the natural party" of business.

"I'm not one of those politicians that thinks that the private sector is a dirty word, or a necessary evil," Reeves, centre-left Labour's finance spokesperson since 2021, told an audience of business figures.

"I know that economic growth comes from success of business -- large, medium, and small. Indeed, there is no other way.

"I want to lead the most pro-growth, the most pro-business Treasury that our country has ever seen with a laser focus on delivering for working people."

Read also

120 business leaders back UK's Labour in election

Her speech came hours after the 120-strong coalition of CEOs and other senior business figures endorsed Labour in a joint letter, saying that it was "time for a change".

The grouping argued the UK economy had been "beset by instability, stagnation and a lack of long-term focus" and the country lacked "the skills and infrastructure it needs to flourish".

Britain's main opposition Labour Party Shadow Chancellor of the Exchequer Rachel Reeves arrives at the BBC offices in central London, on May 26, 2024
Britain's main opposition Labour Party Shadow Chancellor of the Exchequer Rachel Reeves arrives at the BBC offices in central London, on May 26, 2024. Photo: Ben Stansall / AFP
Source: AFP

"Labour has shown it has changed and wants to work with business to achieve the UK's full economic potential," the letter published in The Times stated.

"We should now give it the chance to change the country and lead Britain into the future."

Its signatories include senior figures in various industries, from banking and advertising to retail and technology.

Jimmy Wales, the founder of Wikipedia, and Tom Kerridge, the restaurateur, are among the notable names on the list.

Read also

Falling UK energy bills grab election spotlight

'Foregone conclusion'?

Labour has been at pains to show it has moved decisively away from a less business-friendly period under former leftist leader Jeremy Corbyn.

He presided over its worst election result in decades in 2019, and quit as leader soon after.

Corbyn's successor Keir Starmer and Reeves have spent the subsequent four years wooing business figures.

The Conservatives -- in power for 14 years -- have traditionally been more trusted by Britain's business community, but have seen that reputation dented post-Brexit.

Ex-prime minister Liz Truss's disastrous 49-day tenure in 2022, when her tax-cutting agenda spooked markets, has been blamed in particular for shredding confidence in the party's reputation for economic competency.

Britain's Prime Minister and Conservative Party leader Rishi Sunak campaigning on May 27, 2024, ahead of the UK general election on July 4
Britain's Prime Minister and Conservative Party leader Rishi Sunak campaigning on May 27, 2024, ahead of the UK general election on July 4. Photo: Alastair Grant / POOL/AFP
Source: AFP

Prime Minister Rishi Sunak called the election with the Tories lagging well behind Labour in the polls.

His campaign has made a faltering start, with a post-WWII record number of its MPs announcing they will not run and signs of infighting erupting into public view.

Read also

Norway struggles to keep ultra-rich tempted by exile

Also campaigning in central England Tuesday, Sunak touted the Conservatives' latest policy announcement, billed as a £2.4 billion ($3 billion) tax break for pensioners.

Older voters are typically far more likely to vote for his party, and have been protected from the country's crippling cost-of-living crisis in recent years more than others.

The policy follows the Tories announcing Sunday they will bring back a form of national service if they retain power, in an apparent bid to maintain the support of its disgruntled right-wing base.

In his stump speech Tuesday, Sunak sought to utilise his underdog status in the race while attacking his Labour rivals.

"(They) want you to think that this election is over. Well, you know what? I don't think this election is a foregone conclusion," he insisted.

"We're going to keep putting bold actions on the table that I think are going to transform this country for the better."

New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.