Labour gains support from 120 business leaders: Report

This endorsement marks the culmination of years of lobbying efforts by Rachel Reeves, Labour’s shadow chancellor, and Keir Starmer, the party’s leader.

• Vivek Mishra
• 28 May, 2024

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By: Vivek Mishra

Labour has garnered the support of a coalition of 120 business leaders who advocate for a “new outlook” to propel the UK out of economic stagnation, according to a report.

In a letter addressed to The Times, the executives stress the necessity for change, asserting that the country needs to break free from a decade of economic stagnation.

Notable signatories include past and present leaders from a diverse array of sectors such as finance, technology, and retail, including prominent figures like Jimmy Wales and Tom Kerridge, alongside executives from companies like Aston Martin, Heathrow, JD Sports, and JP Morgan.

This endorsement marks the culmination of years of lobbying efforts by Rachel Reeves, Labour’s shadow chancellor, and Keir Starmer, the party’s leader.

They have sought to position Labour as a party committed to fostering a conducive environment for businesses to thrive, particularly in the lead-up to the imminent general election, the newspaper reported.

Concurrently, Rishi Sunak, the chancellor of the exchequer, has pledged tax cuts for pensioners, aiming to reassure them of the government’s support.

Behind the scenes, both Labour and the Conservatives have been vying for business endorsements, with Reeves actively engaging with City and business leaders to underscore Labour’s pro-business stance.

According to The Times, among the signatories of the letter are Andy Palmer, the former chief executive of Aston Martin; John Holland-Kaye, the former chief executive of Heathrow; Andrew Higginson, the chairman of JD Sports; Charles Harman, formerly a vice-chairman at JP Morgan Cazenove; Charles Randell, the former chairman of the Financial Conduct Authority; and Sir Malcolm Walker, the founder of Iceland. According to the newspaper, Walker had previously signed a Tory business letter during the 2015 election campaign.

Reeves articulates the significance of securing business support for Labour, expressing confidence that it will not only attract investment but also catalyze growth and instill hope in the nation’s future.

In contrast, Sunak reiterates the Conservative commitment to pensioners, highlighting their intention to alleviate concerns regarding income tax burdens.

The letter serves as a clarion call for a comprehensive reevaluation of the country’s economic trajectory, advocating for a concerted effort to realise the UK’s full economic potential.

As the political landscape continues to evolve in the run-up to the general election, the endorsements from these business leaders are poised to shape the discourse surrounding economic policies and priorities.