Labour intends to restore Britain’s reputation as a place to do business after 14 years of Conservative economic failure, the shadow chancellor will tell members of the global elite in Davos on Wednesday.
Stepping up Labour’s pre-election boardroom charm offensive, Reeves will tell a breakfast meeting hosted by the US investment bank JP Morgan that boosting private sector investment is key to the party’s growth strategy.
“We are living in a new age of insecurity. The world has become a more uncertain, volatile and dangerous place. That has become ever more acute in recent days and weeks as we see wars and conflict in Europe and the Middle East,” Reeves is expected to say.
“All major economies are being impacted by these global shocks, but Britain has been uniquely exposed. Fourteen years of stagnant economic growth and political uncertainty has left Britain weaker: the chaotic departure from the European Union, the turmoil under Liz Truss and now the managed decline with Rishi Sunak. This instability has turned businesses away, damaged our reputation and made us a less attractive place to do business.”
Labour went into the last election with an expansion of public ownership at the heart of its economic strategy but Reeves and Keir Starmer have spent the past four years pursuing a more business-friendly approach. The shadow chancellor is being accompanied in Davos by Labour’s business spokesperson, Jonathan Reynolds.
The chancellor, Jeremy Hunt, is the most senior member of the cabinet scheduled to appear in Davos, but Reeves believes business support for the Conservatives has waned in recent years. She is expected to tell the JP Morgan breakfast that none of the ambitions of the next Labour government can be achieved without business.
“The lifeblood of economic growth is private sector investment,” she is expected to say. “That is why we have put business investment at the heart of our plan for growth.
“With Labour, Britain will be open to business. We will restore stability and security into our economy. We will restore Britain’s reputation as a place to do business. And we will be a trusted partner with business in delivering the change our country and our economy needs.”
Reeves will say the conflicts in Ukraine and the Middle East are having a direct impact on the UK in the form of rising energy bills, higher prices and growing business anxiety about the security of supply chains.
“We must rebuild our nation’s economic defences so we can stand tall on the world stage once again. That is the only way we can bring about security for family finances and security for our national economy. That is the change a changed Labour party will hope to deliver if we are elected to power later this year.”
