Labor will prioritize pro-business policies, with the aim of boosting the UK economy

Rachel Reeves, the shadow chancellor, has promised that a future Labor government will take a more pro-business stance than Tony Blair’s government.

Speaking to The Times, Reeves outlined Labour’s ambition to position Britain as the fastest growing economy in the G7, with the aim of securing £22 billion of private investment in green energy initiatives.

Reeves emphasized that under Labor’s view, business groups and financial institutions would play a crucial role in decision-making alongside ministers. She emphasized that Labour’s aim is to promote an enabling environment for private business investment, stating: “If I become chancellor, the next Labor government will be the most pro-business government this country has ever seen.”

The shadow chancellor highlighted plans to establish a national wealth fund taskforce, which aims to attract private sector investment in green technologies such as hydrogen and carbon capture and storage. This initiative, backed by £7.3 billion of public sector funding, aims to attract a further £22 billion of private investment.

Reeves underlined the importance of government support in facilitating investments in innovative but costly technologies such as green hydrogen. She explained that the government could provide certainty to investors by guaranteeing the purchase of products such as hydrogen, thereby mitigating the risks associated with market uncertainty.

Labor’s approach, Reeves said, involves working closely with business leaders to tackle barriers to investment, including bureaucratic hurdles in areas such as planning. She emphasized the need for understanding business perspectives to effectively drive economic growth.

Recognizing the competitive global landscape for investment, Reeves highlighted the importance of supporting businesses, while also reflecting on Labour’s philosophical shift towards prioritizing economic growth and living standards.

Reeves hinted at possible revisions to Labour’s plans to improve workers’ rights, signaling a willingness to advance business interests and ensure policy effectiveness. She stressed the importance of consultation and cooperation in refining Labor policy, for the benefit of both businesses and workers.

Labour’s commitment to pro-business policies reflects a strategic shift aimed at promoting economic growth and working with the private sector. As Labor prepares for possible governance, Reeves’ vision signals a departure from previous approaches, prioritizing a collaborative and business-friendly agenda to drive economic prosperity.