‘Time for a change’: Business leaders back Labour’s economic plans

Hundreds of business leaders who previously backed the Conservatives have signed a letter endorsing the Labour Party’s economic plans ahead of the next General Election.

This afternoon shadow chancellor Rachel Reeves is due to deliver her first major speech of the election campaign to business supporters, including some former Conservative backers in the East Midlands. It is thought that her plans will be widely accepted as an open letter published in today’s Times newspaper has gained the signatures of dozens of leaders who want to work with Labour on long term growth.

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Overall 121 leaders signed the letter which included chief executives, and former leaders at a range of financial services, retail and manufacturing firms. The news of so many leaders backing the Labour party has come as a shock – ahead of the 2015 election, 100 corporate officials endorsed the Conservatives.

It is thought that many people lost faith in the Tory party after the disappointment over Liz Truss’ mini-budget, the Brexit deal and the cost-of-living crisis.

A number of household names including chef Tom Kerridge and former CEOs of Heathrow, JO Morgan, JD and Aston Martin, signed the letter and claimed the public should now give Labour the chance ‘to change the country and lead Britian into the future.’

Within the letter, leaders said: ‘We are looking for a government that will partner fiscal discipline with a long-term growth strategy, working in partnership with the private sector to drive innovation and investment to build digital and physical capital and fix our skills system.

‘This is the only way to put us on track for sustained productivity growth.

‘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 are in urgent need of a new outlook to break free from the stagnation of the last decade and we hope by taking this public stand we might persuade others of that need too.’

Image: QuinceCreative

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