Labour champions UK’s high-growth potential
Labour will attempt to position itself as the champion of high growth firms at a gathering of 350 business leaders.
On Thursday Shadow Chancellor Rachel Reeves will outline the findings of the party’s ‘Start-Up, Scale Up’ review, led by independent peer Jim O’Neill.
It will include recommendations to encourage more institutional investment, more university spin-outs and give the British Business Bank “real independence” to allow it to bring in more investment into the economy.
Labour leader Sir Keir Starmer will join Ms Reeves in addressing the sold-out conference at Canary Wharf in London. Those attending include a line-up of shadow ministers and high-profile business leaders such as Alistair Phillips-Davies, CEO of SSE; Amanda Blanc, CEO of Aviva; and the chair of Tesco, Sir John Allan.
Ms Reeves is expected to say that Labour will stake its claim on the industries of the future that are needed to get the British economy growing.
She will also say that the recommendations are the first step in closing a £16 billion investment gap in high-growth firms.
“These are challenging economic times. But I know the spirit of enterprise, of creativity, of endeavour are as present in Britain today as they ever have been,” she will say, according to a briefing note in advance of the event.
“We are at a post-Brexit crossroads. We can go down the road of managed decline, falling behind our competitors, or we can draw on bold thinking to propel us forward.
“That is why Labour today welcome this radical plan to make Britain the high growth, start-up hub of the world.
“Start-Up, Scale-Up provides crucial insights towards achieving one of the guiding ambitions of the next Labour government: to make Britain the best place to start, and to grow, a business. And it sends a powerful message: that Labour is back in business.”
Independent peer, Lord Jim O’Neill said: “The more all political parties support the eco-system of start-ups for the UK, the more they become entwined in the DNA of policy thinking for the future.
“Leading this review has underlined the huge potential Britain’s start-ups have for changing our economic fortunes, especially in towns and cities outside of London.
“I welcome the Shadow Chancellor’s enthusiastic focus on this space and have been pleased to play a part in this review.”