Business leaders urge Labour to enhance growth plans amid economic concerns
Business leaders are pressing the Labour Party to enhance its growth plans as economic “warning lights” continue to signal trouble within the UK economy, reports BritPanorama.
Executives impacted by increases in National Insurance and uncertain about potential new workers’ rights legislation are calling for action from Chancellor Rachel Reeves. A recent survey conducted by the British Chambers of Commerce (BCC) indicates that fewer than half of UK firms anticipate increases in turnover this year.
Additionally, more than half of the businesses surveyed expect to increase prices within the next three months, highlighting ongoing inflationary pressures. Many companies are putting off investment and hiring due to challenges such as rising business rates and the complexity of regulatory processes.
The newly appointed BCC President, Andy Haldane, stated, “The UK’s economic warning lights continue to flash. Business confidence remains low and 2026 must be the year of delivering growth. It won’t come from slogans; it will come from backing businesses to get on and grow.” He emphasized the need for practical steps over strategic announcements to drive productivity and trade, calling for “more spades in the ground, more deals done, more businesses scaling.”
Shadow Business Secretary Andrew Griffith echoed similar sentiments, asserting, “Until Labour stop waging war on business, Britain will stay stuck with weak growth and shrinking opportunity.”
Former Prime Minister Rishi Sunak also weighed in, advocating for a focus on sustainable growth rather than temporary solutions like energy support or fare caps, warning that neglecting this path would render Britain poorer and weaken the welfare state.
In response, the Treasury has reiterated its commitment to invest in the UK’s industrial strengths, although specific details remain pending.
The intensity of these calls from the business community reflects a broader anxiety about the economic landscape the UK faces as it prepares for the coming year.
As businesses fine-tune their strategies in a climate of uncertainty, the government’s next moves will be pivotal in shaping the future economic narrative.
