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, pro-Labour government under Sir Keir Starmer.
Reeves, a former Bank of England economist, will address business leaders, stressing that Labor has evolved to serve the working class and support business growth. She is expected to assert: “If we can change this party to bring it back to working people, if we can bring it back to the center of politics, if we can bring business back to Labour, then I know we can.” Bringing business back to Britain.”
Reeves will highlight her commitment to economic stability through tough spending rules and a collaborative approach with businesses. It will emphasize Labour's vision of a “government with a mission” built on economic stability, and contrast it with the current Conservative administration.
“We're running this election about the economy,” Reeves would declare. “Every day we will expose the damage they have done and identify Labour's alternative. Five missions for a decade of national regeneration. Six first steps to point the way to a better Britain.
The speech comes just hours after Labor gained the support of a coalition of 120 business leaders, through an open letter, claiming the UK needs a “fresh outlook” to overcome a decade of economic stagnation.
However, Laura Trott, First Secretary to the Treasury, criticized Labour's economic plans. Trott cited business leaders' concerns 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 bold action to deliver the largest corporate tax cut in modern history. Trott warned Labor would tie businesses into red tape and raise taxes by £2,094 on hard-working families.
Reeves' speech aims to position Labor as the party of economic growth and stability, appealing to both businesses and workers as the election approaches.