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UK's Labour Pa8k8 slotrty claims to be best bet for business

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Shadow Chancellor of the Exchequer Rachel Reeves attends a Labour general election campaign event with British opposition Labour Party leader Keir Starmer at Airbus Defence and Space, in Stevenage, Britain, May 28, 2024. [Photo/Agencies]

As it continues with its effort to capture the support of British businesses, the United Kingdom's Labour Party has vowed to spearhead the "most pro-growth Treasury in British history" if it wins the upcoming general election on July 4.

In her opening address for the general election campaign, Rachel Reeves, the Labour Party's shadow chancellor of the exchequer, said the party's election platform will "bear the imprint" of engagement with business.

Currently, maintaining a polling lead of approximately 20 points over the ruling Conservative Party, Labour is eager to demonstrate its intention to restore "stability" to the UK economy and capture the support of British businesses.

Reeves said economic crises in recent years were "global in nature", but noted the UK had been hit harder "due to the choices of Conservative governments".

In her speech at a Rolls-Royce factory in Derby, in England's East Midlands region on Tuesday, Reeves set out Labour's plans to grow the economy.

She said Labour Party leader Keir Starmer had changed the party to be "pro-worker and pro-business, in the knowledge that each depends upon the success of the other".

She acknowledged that "stability is not enough" and said she will put in place "a plan to fix our weak levels of investment", saying business investment is "the lifeblood" of the economy and pledging to invest in green energy to drive down bills.

Reeves said "stability, investment, reform" are the "ingredients of a genuine plan" that is "an alternative to managed decline".

Last week, Labour garnered support from 120 business executives, who penned a joint letter to The Times newspaper supporting the party and condemning the Conservative Party's management of the economy.

The letter said: "Labour has shown it has changed and wants to work with business to achieve the UK's full economic potential. We should now give it the chance to change the country and lead Britain into the future … We, as leaders and investors in British business, believe it is time for a change. For too long, our economy has been beset by instability, stagnation and a lack of long-term focus.

"The UK has the potential to be one of the strongest economies in the world … We are in urgent need of a new outlook to break free from the stagnation of the past decade and we hope by taking this public stand we might persuade others of that need too."

Jonathan Reynolds, the shadow business secretary, stated in an interview with BBC Radio 4's Today program on Tuesday that "only Labour has a plan to seriously grow the economy".

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