Business charm offensive: Reeves discusses investment plans at meeting with Lloyds, Aviva, L&G and British Land
Labour’s business charm offensive is continuing as shadow chancellor Rachel Reeves is set to discuss plans to boost investment.
Keir Starmer’s Labour has positioned itself as the ‘party of business’ as it aims to exploit the Conservatives’ reputational hit following the economic chaos of Liz Truss’s calamitous mini-budget.
Reeves will discuss plans to boost business investment at a roundtable with chief executives including Mark Versry, Aviva Investors; Charlie Nunn, Lloyds; Nigel Wilson, Legal and General; and Simon Carter, British Land this afternoon.
She will tell firms Labour’s mission to make the UK the fastest growing economy in the G7 will be underpinned by a focus on boosting business investment.
It comes after recent analysis found the UK currently has the lowest investment in the G7.
The shadow chancellor will say the party’s plans include ending the current ‘yo-yo’ approach to business taxation; launching an industrial strategy; boosting investment via a plan for green prosperity; and reforming the apprenticeship levy.
Labour says businesses missed out on around £1bn a week after ONS statistics revealed net foreign investment from abroad dropped by almost £52bn in 2021.
However across the previous four years, levels appeared to remain higher than pre-Brexit numbers.
Shadow business secretary Jonathan Reynolds said: “Britain is a fantastic place to invest, but we are missing out because we don’t have a government that can offer the economic stability British business needs to succeed.”
Derk Bleeker, EMEA president at Sage, welcomed plans, adding: “Boosting investment by small and medium-sized businesses is critical to unlocking their full potential and driving UK economic growth.
“We welcome plans for a stable business environment and modern industrial strategy where the UK moves to being an advanced digital economy, supporting SMBs in their tech adoption journey.”