Labour has secured the backing of 120 business executives in a move that signals a shift in support towards the party’s economic strategy. Shadow chancellor Rachel Reeves is set to deliver a speech on Tuesday, emphasizing Labour’s commitment to being a “pro-business, pro-worker” party if they win the upcoming election on July 4.
The endorsement from the business chiefs comes in the form of a letter to The Times, where they criticize the Conservatives’ handling of the economy and express confidence in Labour’s ability to bring stability and long-term focus to the UK economy. This show of support is seen as a significant win for Reeves and Labour leader Sir Keir Starmer, who have been actively engaging with the business community in recent years.
Notable signatories of the letter include former executives from companies like Aston Martin, Heathrow airport, JD Sports, and JPMorgan Cazenove. The letter emphasizes the need for a new economic outlook to break free from the stagnation of the past decade and calls for a change in leadership to achieve the UK’s full economic potential.
While some of the signatories no longer hold senior business roles, the letter underscores a growing sentiment among business leaders for a change in economic direction. Reeves, in her upcoming speech, will highlight the importance of a partnership between business and government to drive economic growth, while also emphasizing Labour’s commitment to worker rights and responsible business practices.
The Conservatives have criticized Labour’s proposed worker rights policies, arguing that they could hinder economic growth. However, Reeves maintains that these measures are necessary to prevent unfair competition and ensure a level playing field for businesses. The endorsement from business leaders is expected to bolster Labour’s economic credibility and appeal to voters as the election approaches.