Labour policy is increasingly important – not just because a general election is imminent but because the old divisions of left and right are breaking down. Good policies from one party are stolen by the other.
One of the most misunderstood areas is Labour’s vision for business. To shed some light on this, Lodestone recently held an event in partnership with the London Stock Exchange Group featuring Shadow BEIS Secretary Rebecca Long-Bailey MP in conversation with Lodestone Co-Founder and Chairman, David Wild. The event covered Labour’s priorities and what their policies could mean for the future of the City of London and UK business more widely.
The main message quickly became clear: Labour has a bold plan to transform the UK economy. The cornerstone of this plan is to move away from a culture of short-termism to one focused on the long term. In a bid to address the structural divides in our economy, Labour’s focus will be to increase investment, improve productivity, and re-balance the economy geographically. Key to this will be a long-term industrial strategy.
Long-Bailey didn’t shy away from potentially divisive policies, and instead committed to nationalising the National Grid and Energy Network, establishing a Regional Development Fund, and increasing R&D spending to a minimum of 3% GDP. To ensure benefits from the future world of work are more evenly shared, she outlined Labour’s intentions to increase investment in the skills base, get workers onto company boards, and develop inclusive ownership funds (for companies with >250 members) to give workers a voice within their company.
Coming from the deindustrialised area of Salford and becoming a successful lawyer through a mixture of hard work and luck, the Shadow Sectary of State is unequivocal that the role of government is for the betterment of the people.
Labour wants to ensure that everyone in society benefits from business – the workers as well as the bosses. To this end, Labour will develop a comprehensive industrial strategy in close collaboration with businesses. There is a real opportunity for businesses to proactively engage with Labour and encourage positive policy development. If you are interested in discussing how your business could better understand and engage with Labour then get in touch at firstname.lastname@example.org