CBI responds to launch of Labour manifesto

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.”