In a significant move ahead of the July 4 general election, 121 business leaders have signed a letter supporting the Labour Party's economic policies, urging a change in

leadership. This letter, featured in Tuesday's Times newspaper, includes endorsements from founders, CEOs, and former leaders across various sectors such as financial services, retail, and manufacturing. They emphasize that Labour has evolved and is committed to collaborating with businesses for long-term growth.

Shadow Chancellor Rachel Reeves is scheduled to deliver a major campaign speech to business supporters in the East Midlands, including some who previously backed the Conservatives. She will declare her intention to lead the most "pro-growth Treasury in our country’s history."

Labour’s strategy mirrors a tactic used by the Conservatives in the 2015 election when 100 corporate leaders endorsed their economic plans. Notably, Malcolm Walker, the founder of Iceland, who endorsed the Conservatives in 2015, now supports Labour. Other former Conservative supporters have voiced their dissatisfaction with recent Tory policies, including Liz Truss's mini-budget and the Brexit deal, indicating a broader desire for change.

Prominent signatories of the letter include TV chef and restaurateur Tom Kerridge, former Heathrow Airport CEO John Holland-Kaye, JD Sports chairman Andrew Higginson, and Wikipedia founder Jimmy Wales. However, few CEOs from the UK's largest FTSE 100 companies are on the list, reflecting concerns about taking political sides and potentially alienating customers post-Brexit.

The breadth of support for Labour from these business leaders may not fully represent their respective industries. Nonetheless, Rachel Reeves believes this endorsement boosts Labour’s credibility with the public.

Some Conservative business leaders noted the absence of a coordinated effort to gather business endorsements for the Tories this election cycle. Meanwhile, Chancellor Jeremy Hunt’s advisors are cautioning businesses about potential shifts towards French-style workers’ rights under Labour, with some top retailers expressing concerns over Labour’s plans to repeal Conservative anti-strike laws.

In contrast, Jimmy Wales told the BBC's Today programme that Labour is not extreme but offers a sensible, centrist government. He expressed strong confidence in Labour, citing conversations with Reeves and Keir Starmer.

Chief Secretary to the Treasury Laura Trott defended the Conservatives, highlighting their "bold action" in delivering significant business tax cuts. The Liberal Democrats criticized Conservative governance, advocating for an industrial strategy to boost investment and reform business rates. The Green Party emphasized sustainable economic policies, while the SNP blamed Brexit for the UK’s economic challenges, advocating for rejoining the EU. Plaid Cymru stressed the need for economic reforms to drive growth and reduce inequality in Wales. Photo by Chris McAndrew, Wikimedia commons.