Business leaders are scathing. Carolyn Fairbairn, CBI Director General, said: “Labour’s default instinct for state control will drag our economy down, rather than lift people up.
“Policies ranging from major renationalisation and a four-day week to the ill-conceived plan to remove 10% of shares from public companies will hurt employers, employees, savings and pensions. It’s the most vulnerable in society who will pay the price for this economic experiment.
“Significant hikes in corporation tax, threats to important investment incentives and windfall taxes on oil and gas will set alarm bells ringing for globally mobile businesses.
“Business shares Labour’s goals for a close trade relationship with Europe and a fairer, greener and more inclusive economy at home.
“We support Labour’s ambition to build more affordable homes, upskill the economy with more apprenticeships and reform business rates. However, without business investment, insight and expertise, it won’t be possible to drive the economy forward or improve vital public services.
“The door is open for Labour to work with business. We urge them not to close it.”
Jeremy Corbyn’s Labour party’s ‘radical Marxist manifesto’ will bring far-reaching economic chaos for Brexit-battered Britain, affirms the boss of one of the world’s largest independent financial advisory organisations.
The founder and CEO of deVere Group, Nigel Green, spoke out as the Labour leader unveiled his party’s manifesto yesterday ahead of next month’s general election.
Mr Green said: “Labour’s Marxist manifesto is the most radical and dangerous in decades. It would bring far-reaching economic chaos for a Brexit-battered Britain already on the brink.
“Corbyn and McDonnell’s agenda would create a nightmarish scenario that would hit those very people the most that it is proclaiming to try and support and protect.”
He continues: “There are three fundamental reasons why the Corbyn-led Labour manifesto would damage the UK economy.
“First, it would drive down already stagnate business investment in the UK. The mammoth nationalisation programme will leave companies thinking ‘who’s next?’
“Plus, the snatching of 10 per cent of the shares in every big company and a significant increase in trade union power, including a return to collective bargaining, will leave UK and international investors justifiably concerned that their investments will not be safe under Labour.
“This will seriously erode any attempts to generate long-term, sustainable economic growth.”
Mr Green went on: “Second, it would trigger an exodus of some of the most successful and wealthiest individuals.
“This would likely be due to concerns regarding Labour’s stance on inheritance tax, income tax, stamp duty and capital gains tax, potentially even capital controls, and the slashing of pensions tax relief.
“Typically, these people have the resources to move to safe lower tax jurisdictions if the tax burden in Britain becomes too great.
“Should these largely job and wealth-creating, tax-paying individuals quit Britain, the government’s finances will suffer significantly because they contribute a disproportionately large amount to the state’s coffers. Indeed, they prop-up the system.
“And third, a renegotiation of the Brexit deal, which would be put to a second referendum, would create many more months of uncertainty for businesses.
“Labour’s economic agenda is a risky gamble. Its potential for serious adverse consequences is massive. And whilst the radical plans are already far-reaching, this might be just the beginning, with more misguided policies to come.”
A risky gamble? Not so – it’s a fantastic offer, says the leader of Britain’s biggest trade union:
Unite is the UK’s largest trade union with over 1.25 million members. Reacting to the launch of the Labour party’s manifesto yesterday, Unite general secretary Len McCluskey said: “This is a fantastic offer from Labour to the electorate.
“I urge all Unite members and the general public to listen to what Labour is saying.
“When Labour wins nurses win, teachers win, manufacturing workers win, car workers win, young people win and pensioners win.
“When Labour wins, we all win. Come home to Labour.”