120 business leaders endorse Labour party

Labour has gained the endorsement of a coalition of 120 business leaders, who argue that the UK needs a “new outlook” to overcome a decade of economic stagnation. In a letter to The Times, these executives describe the economy as suffering from “instability, stagnation and a lack of long-term focus” and view the upcoming election as an opportunity to transform the country.

The signatories include senior figures from various sectors, including finance, technology, and retail, all advocating for change to help the UK achieve its full economic potential. Notable names among the signatories are former executives from JP Morgan, Heathrow, Aston Martin, JD Sports, Iceland, and WPP, along with high-profile figures like Wikipedia founder Sir Jimmy Wales and renowned chef Tom Kerridge. The founder of a childcare company, where the prime minister’s wife previously held shares, is also among the supporters.

This endorsement follows extensive efforts by Rachel Reeves, the shadow chancellor, and Labour leader Sir Keir Starmer, who have been courting business support ahead of the general election. The Labour Party aims to position itself as the pro-business party, a title traditionally claimed by the Conservatives, who have long used endorsements from business leaders to bolster their economic credibility during election campaigns.

Since taking on the role of shadow chancellor, Reeves has actively engaged with City and business leaders, recently saying that Labour would be more pro-business than during Tony Blair’s tenure, promising to stimulate private sector investment.

This endorsement marks a significant boost for Labour, highlighting a growing desire among business leaders for a change in economic strategy and political stability to unlock the UK’s full potential.