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Labour’s shadow chancellor Rachel Reeves will commit to leading the “most pro-growth Treasury in our country’s history” if her party wins the election on July 4.
In her first major economic speech of the campaign, Reeves will promise to “bring growth back to Britain” and ensure a pro-business and pro-worker government under Sir Keir Starmer’s leadership.
Reeves, a former Bank of England economist, will address business leaders, emphasising that Labour has evolved to serve working people and support business growth. She is expected to assert: “If we can change this party to bring it back to the service of working people, if we can return it to the centre ground of politics, if we can bring business back to Labour, then I know we can bring business back to Britain.”
Reeves will highlight her commitment to economic stability with strict spending rules and a collaborative approach with businesses. She will underscore Labour’s vision of a “mission-led government” built on economic stability, contrasting it with the current Conservative administration.
“We will fight this election on the economy,” Reeves will declare. “Every day we will expose the damage they have done and set out Labour’s alternative. Five missions for a decade of national renewal. And six first steps to point the way to a better Britain.”
The speech comes just hours after Labour gained the endorsement, through an open letter, of a coalition of 120 business leaders, who argue that the UK needs a “new outlook” to overcome a decade of economic stagnation.
However, Laura Trott, Chief Secretary to the Treasury, criticised Labour’s economic plans. Trott pointed out concerns from business leaders about Labour’s proposed union laws, claiming they could harm the economy and lead to job losses.
“Rishi Sunak and the Conservatives have a clear plan that businesses can rely on. We took the bold action to deliver the biggest business tax cut in modern history. Labour would tie businesses in red tape and raise taxes by £2,094 on hardworking families,” Trott warned.
Reeves’s speech aims to position Labour as the party of economic growth and stability, appealing to both businesses and workers as the election approaches.