Labour prefers stability in the UK’s relationship with Europe rather than pursuing accelerated economic growth by rejoining the EU’s single market or customs union, as stated by the party’s shadow business secretary.
Speaking at the British Chambers of Commerce (BCC) conference, Jonathan Reynolds acknowledged the challenges businesses faced due to Brexit but argued against reopening the debate, emphasizing the importance of policy stability and encouraging business investment.
As the general election approaches, Reynolds aimed to appeal to business leaders with a message focused on practical trade agreements over constitutional arguments about customs unions or single markets.
While some have expressed concerns about Labour’s economic plans without improved EU trade access, Reynolds warned that revisiting the Brexit debate could deter business investments.
The BCC’s director general, Shevaun Haviland, emphasized the need for improved UK-EU relations, including alignment on regulations and mutual recognition of qualifications, but agreed with Reynolds that renegotiation was not the solution.
Amanda Blanc, CEO of Aviva, acknowledged the challenges facing the economy but expressed optimism for growth under stable public policy post-election.
Labour’s more business-friendly approach contrasts with its stance in 2019, with Reynolds highlighting the party’s evolving relationship with the business community.
While discussing Labour’s pledge to strengthen worker rights, Fintan and Alison Galvin of Inv Group raised concerns about potential risks in hiring and training new employees under Labour’s proposed changes.
Reynolds reassured the Galvins that Labour’s policies would not impede their recruitment practices and offered to address their concerns in a meeting.
During the election campaign, Labour has focused on longstanding policies rather than surprise announcements, with Reynolds defending the party against accusations of conducting a lackluster campaign.
