British business sides with Labour, letter from 121 entrepreneurs

Labour is the party of business: a statement that would have aroused disbelief or sarcasm until recently and which is now the centrepiece of the election campaign of the largest opposition party in Britain ahead of the vote on 4 July. Chancellor-shadow Rachel Reeves said this in a speech yesterday, promising that if elected 'the Treasury will be the most pro-business and most pro-growth in British history'.

Lending credibility to the slogan and promises is an open letter signed on Tuesday by 121 entrepreneurs and CEOs of companies from different sectors, openly supporting the Labour party. "It's time for change," the letter states, declaring that "the Labour Party has changed and wants to work with business to stimulate long-term growth."

Before the 2015 election, one hundred big businessmen had signed a similar letter supporting the Conservative Party, traditionally a business ally. At least one of them, Malcolm Walker, founder of the supermarket chain Iceland, has now signed the letter supporting the Labour party.

Since becoming party leader in April 2020, Keir Starmer has gradually distanced himself from his predecessor, Jeremy Corbyn, and his far-left positions that had led Labour to its worst defeat in the December 2019 election, which was won by the Conservatives led by Boris Johnson on the back of Brexit.

Starmer has brought the party back to more moderate positions on the economy and defence and has gone to great lengths to gain support in the business world, promising stability and 'common sense'. His trump card has been and remains Reeves, an economist who worked for years at the Bank of England and is highly respected for her expertise.