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.”
This is the most important election in a generation for working families. No matter who we are or where we come from, all of us should have a chance to get on in life.
“We’re assessing each of the party manifestos on their plan to put working families first. Here we set out why we think the Labour manifesto delivers.
Test 1: Get wages rising faster for everyone – not just top earners
The Labour manifesto sets out a comprehensive plan to end the longest pay squeeze for generations.
- They’ll bring in a real living wage of £10 now for everyone.
- There’s new rights promised so that workers can bargain through their unions for fair pay, including access rights to workplaces for unions, and a commitment to make it easier for workers and unions to establish collective bargaining in their workplace and to introduce sectoral collective bargaining. We know that’s the best way to get pay rising for everyone. And international institutions agree with us – just this week the OECD (the organisation of rich nations) called for countries to ‘revamp collective bargaining to prevent rising labour market inequalities ’.
- Worker Directors will be elected to make up a third of company boards and given a say over executive pay.
- There’s a real commitment to tackle pay inequality, with new reporting requirements to expose race and disability-based pay discrimination and plans to ensure employers have to take action on closing the gender pay gap.
- And what’s more, the UK will be brought in line with the rest of Europe with four new bank holidays.
- Test 2: Ban zero-hours contracts nd guarantee everyone the security at work we need
This manifesto offers real change for working families and a return to decent secure jobs.
- Zero-Hours Contracts would be banned – a change desperately needed for the 900,000 people still faced with this form of unfair and insecure work
- And Labour would go further by ensuring that cancelled shifts are paid and people are given reasonable notice of when they’re expected to work.
- Every worker would be given day one rights in their job, including the right to redundancy pay and family-friendly rights. And Labour have promised never to return to the unfair employment tribunal fees that priced workers out of justice.
- Workers would get a right to flexible working from day one.
- And there’s new rights to make sure that workers have say in the future of work, including a legal right to collective consultation on the implementation of new technology in workplaces.
Test 3: Rebuild our NHS and the public services we all rely on – don’t cut taxes for the rich
Labour are promising the investment are schools and hospitals are crying out for. And they’re funding it by ensuring the rich and big corporations pay their fair share.
- Labour’s NHS plans include a 4.3 per cent uplift in funding a year, plus new money for building hospital and upgrading investment. This would repair the long-term damage caused by ten years of austerity that’s left us with nurse shortages and long waits to see a GP. And there’s a plan to give public sector workers the pay increase they deserve, with a five per cent rise across the board.
- The plan for a national care service with free personal care for older peoplewould help address the urgent social care crisis and relieve pressure on the NHS too.
- On schools, Labour’s plans would not only reverse the cuts, but address the historic underfunding of education in too many parts of the country. And the plan for universal free school meals will make a real difference to families across the country, as well as boosting learning.
- Labour plan to pay for this with a fair plan for taxation. The highest earners – those who earn over £80,000 – will pay a little more tax. If you’re not in that top five per cent, your taxes won’t go up. Tax on big business (corporation tax) will go up to help fund public services, but it will still be lower than in 2010.
“Working families desperately need change at this election. This manifesto has the ingredients we need to deliver it.”
Make up your own mind: see Labour’s manifesto below:
Real-Change-Labour-Manifesto-2019
