In a surprising turn of events, a group of business leaders has endorsed the Labour Party’s economic plans ahead of the upcoming general election on 4 July. The letter, published in The Times newspaper, was signed by 121 founders, CEOs, and former leaders from various financial services, retail, and manufacturing companies. They have expressed their support for Labour, stating that the party is now more willing to collaborate with businesses on long-term growth.
Labour is also leveraging endorsements from business leaders to boost its economic plans. Shadow Chancellor Rachel Reeves is set to deliver her first major speech of the election campaign to business supporters, including some former Conservative backers in the East Midlands. She is expected to highlight Labour’s commitment to leading the most pro-growth Treasury in the country’s history.
The absence of a coordinated effort to secure endorsements for Tory party’s economic plans has raised concerns among some Conservative business figures. Chancellor Jeremy Hunt’s advisers have raised concerns about Labour’s potential introduction of French-style workers’ rights if they win the election, with prominent retailers expressing worry over plans to repeal anti-strike laws. Chief Secretary to the Treasury Laura Trott emphasized the Conservative party’s commitment to providing businesses with a reliable and clear plan, asserting that they have implemented significant tax cuts for businesses and taken bold actions to support them.
