Labour is back in business

Setting aside the rumours of tax cuts and Rishi Sunak’s soft launch of his long-campaign, it has been noticeable ahead of the government’s Autumn Statement tomorrow that the Labour Party under the leadership Keir Starmer, Rachel Reeves, and Jonathan Reynolds MP has signalled an unequivocal commitment to shape a productive partnership with corporate Britain.

Keir Starner told City A,M, that the City of London is a ‘force for good, stating that Labour’s improved relations with the business community a matter of “personal pride” to him. Adding that Labour will develop a financial services strategy. Yesterday, Rachel Reeves brought together a new British infrastructure council, tasked with ‘unleashing the lifeblood of investment through the industrial arteries of this country’. Whilst Jonathan Reynolds told the CBI that Labour wants to create a ‘Total Business Environment’ – rightly observing that businesses are looking for a government with ambition, commitment, and consistency.

A Labour Government should also look at how to bring business, trade unions and civil society closer together to address challenges the UK is facing.

Perhaps the Dutch model of social dialogue could be a source of inspiration here? Labour’s National Policy Forum advice highlighted the necessity of genuine partnerships, advocating for business, trade unions, the private sector, the public sector, and different government departments working together. The document recommends establishing a "Council for Economic Growth" in the UK.

Indeed, key priority for the UK is economic growth. In my opinion the party that can offer the most credible plan will win the next general election. And we cannot accelerate growth without a thriving globally competitive City. The UK’s financial and professional services sector employs 2.5 million people, two third outside London, and contributes ￡100 billion in tax revenues to fund public services.

At the annual City of London Corporation dinner at Labour Party Conference in Liverpool just over a month ago Lord Peter Mandelson as guest speaker emphasised the need for private and public collaboration and investment to drive growth. He concluded that the Labour Party under Keir’s leadership has switched back "from weird to normal".

Indeed, it is good to see Labour is back in business.