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Sir Keir Starmer promises to 'fix unprecedented stagnation' as Labour targets business voters

The leader will launch the party's "plan for business" on Thursday in front of hundreds of firms in central London.

Jennifer Scott

Political reporter

Thursday 1 February 2024 11:35, UK

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Sir Keir Starmer will promise to "fix unprecedented stagnation" in the growth of productivity in the UK, as he unveils Labour's "plan for business".

The party leader and his shadow chancellor, Rachel Reeves, will host hundreds of business leaders and investors at a central London event on Thursday, as the pair seek to win over the corporate community ahead of the next election.

Sir Keir will claim the attendance of so many c-level executives at the gathering shows the "depth of the changes we've made to transform the Labour Party's relationship with business", saying it was something he took "immense pride in".

And he will attack the Conservatives for their record in power over the past 14 years.

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The Labour leader is expected to say: "It's not just the permanent cycle of crisis, there is something much more fundamentally broken in the way this country creates wealth.

"Fifteen years of lost wage growth and an economy with weak foundations that, even in the calmer moments, can't provide the security working people need to look forward doesn't just hold back our potential but also rips up the contract and values that keep a country together.

"It undermines the sense that if you work hard and play by the rules, you will have a chance in Britain and the future will be better for your children."

Sir Keir will promise to "deliver growth and prosperity across every corner of the nation" with Labour's five-point plan for business if the party gets into power at the next election.

Although little detail has been provided yet, the headlines of each step have been outlined, namely:

• "To get Britain building again after 14 years of stagnation";

• "Plans for skills to drive growth";

• "The need to partner with business to make work pay for working people";

• "Backing British business";

• "Creating the stable economic conditions required for delivering growth".

The party said this "growth mission" will line up with Labour's existing pledge to achieve the highest sustained growth in the G7.

Sir Keir will tell business leaders: "Today we launch this new plan, this new purpose, this new partnership with five priorities to unite behind.

"Five steps we can take together to begin our walk towards a Britain with its future back."

But Conservative minister Laura Trott said the Labour leader's record of "making promises and then dropping them when they become inconvenient" showed the party would "not provide businesses with the stability and certainty they need to invest".

The chief secretary to the Treasury added: "Labour's only offer to business are tax rises because they do not have a plan to pay for their £28bn of unfunded spending.

"Rishi Sunak and the Conservatives will stick to our plan that is providing business with the certainty they need to grow, create jobs and deliver more prosperity and security for Britain."

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