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Labour will tell business leaders that the UK is at a ‘post-Brexit crossroads’ as the party pitches itself as the answer to the UK’s economic woes.
At the party’s business conference in London on Thursday, Shadow Chancellor Rachel Reeves will promise that Labour is ‘back in business’ as she unveils new plans to boost the UK’s start-up companies.
Speaking to a gathering of 350 business leaders in Canary Wharf, the capital’s financial hub, Reeves is expected to say: ‘We are at a post-Brexit crossroads. We can go down the road of managed decline, falling behind our competitors, or we can draw on bold thinking to propel us forward.
‘That is why Labour today welcomes this radical plan to make Britain the high growth start-up hub of the world.’
Labour leader Keir Starmer will also attend the conference, which will hear details of the review carried out by independent peer and former Goldman Sachs economist Jim O’Neill into the UK’s start-up industry.
It recommends removing barriers to institutional investment in firms with records of high growth while also giving ‘real’ independence to the state-owned British Business Bank.
The review will also recommend the compilation of new metrics on the success of each UK university’s spin-out companies.
‘These are challenging economic times,’ Reeves will say.
‘But I know the spirit of enterprise, of creativity, of endeavour, are as present in Britain today as they ever have been.’
She is expected to hail the ‘crucial insights’ contained in the report, which will go towards ‘achieving one of the guiding ambitions of the next Labour government to make Britain the best place to start, and to grow, a business.
‘And it sends a powerful message: that Labour is back in business,’ the shadow chancellor will add.
O’Neill, whose review drew on consultation with entrepreneurs, investors, and policy-makers, said: ‘The more all political parties support the ecosystem of start-ups for the UK, the more they become entwined in the DNA of policy thinking for the future.
‘Leading this review has underlined the huge potential Britain’s start-ups have for changing our economic fortunes, especially in towns and cities outside of London.’
source: PA
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