Labor Shadow Chancellor Rachel Reeves delivers a speech on the British economy ahead of the Bank of England’s monetary policy release on May 7, 2024 in London, England.
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LONDON — More than 100 business leaders expressed support for Britain’s center-left opposition Labor Party on Tuesday, nearly five weeks before a general election.
The group, whose members include Wikipedia founder Jimmy Wales and former JPMorgan Chase vice chairman Charles Harman, said in a statement open envelope “As leaders and investors in the UK business community, we believe now is the time for change,” he told The Times.
The letter’s authors claim the UK economy has experienced a decade of stagnation due to a lack of political stability and a coherent long-term economic strategy. The country is “deprived of the skills and infrastructure it needs to thrive,” the letter said.
They said Labor had “shown it has changed and wants to work with business to realize the UK’s full economic potential”.
Signatories also include WPPUK chief executive Karen Blackett, JD Sports and British Retail Consortium chairman Andrew Higginson, as well as former CEOs of Tesco Bank and Heathrow Airport. Current FTSE 250 chief executives rarely appear on the list.
The right-wing Conservatives have been in power since 2010, initially in coalition with the smaller centrist Free Democrats. Britain had five prime ministers during this period.
The last British general election was held in 2019, with the Conservative Party led by former British Prime Minister Boris Johnson achieving a decisive victory. Johnson resigned in 2022 after a series of controversies.
Political polling over the past two years has suggested Labor could win despite a major shift in the national vote.
Current Chancellor Rishi Sunak announced last week that a surprise election would be held on July 4. .
The British economy grew by 0.6% in the first quarter after falling into a shallow recession last year.
Labor has focused on fiscal discipline in the party’s campaign messaging. In a press release issued on Tuesday, Labor explain Its commitments include creating a new publicly owned energy company and taking the train operator into public ownership.
Meanwhile, Labor’s shadow treasurer Rachel Reeves, a former banker, has long struggled to attract business and financial executives.
In his speech on Tuesday, Reeves said Labor would cap corporation tax at current levels, work with the private sector to drive investment in the UK and publish a business tax roadmap within six months of coming to power. BBC report.
deliver his own speech According to the BBC, Sunak said during the campaign that Labor would not bring financial security to people.
CNBC has reached out to the Conservative Party for comment.
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