Labour Growth Group backs business to be part of ‘investment revolution’ as research shows voters in step with Labour plans
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The Labour Growth Group, a major backbench group of Labour MPs
focused on tearing down barriers to economic growth, today invited
business leaders to join them in backing the Chancellor to bring
deliver a "revoultion in investment" at Wednesday's budget. This
came as new YouGov polling commissioned by iNHouse Communications
showed public backing for investment at Labour's first fiscal event
in 15 years, and that voters saw a better NHS and falling utility
bills as key...Request free trial
The Labour Growth Group, a major backbench group of Labour MPs focused on tearing down barriers to economic growth, today invited business leaders to join them in backing the Chancellor to bring deliver a "revoultion in investment" at Wednesday's budget. This came as new YouGov polling commissioned by iNHouse Communications showed public backing for investment at Labour's first fiscal event in 15 years, and that voters saw a better NHS and falling utility bills as key outcomes from the landmark Budget. The research, which surveyed a representative sample of more than 4,000 Brits, suggests that the public are supportive of the Government spending more on public services and prioritise investment in public infrastructure. Whilst also showing that the top 3 outcomes voters wanted to see from the Budget were improving health outcomes (74%), lowering utility bills (56%) and increasing the availability of affordable housing (37%). This is particularly noteworthy in light of expectations that the Chancellor will look to significantly boost the NHS on Wednesday. The Labour Growth Group is set to meet with businesses from across the country in an event in Westminster on Monday. Representatives from every British region and nation, drawn from more than 95 MPs involved in the group, will be in attendance to talk with executives about how the new Labour government can create the right conditions for growth. The MPs and business leaders are set to discuss how they can work together to increase private investment in every part of the country, matching the Chancellor's ambitious plans for public investment. Leading national and multinational companies and organisations from across infrastructure, tech, property, financial services and food and drink sectors are expected to be in attendance. A key priority for the discussions planned for Monday is demonstrating to businesses and investors that the UK now has a Government and ruling party united behind an ambitious growth agenda. It is hoped that business confidence will be buoyed by the message that Government will not be blown off course by niche interests, a common complaint from firms in recent years. The group wrote to the Chancellor in early October urging her to re-examine the definition of debt in the fiscal rules in order to unlock billions for private investment. MPs said that the upcoming Budget was “the time to grasp the opportunity and act with conviction” to invest in the UK. This past Thursday, at the IMF meeting in Washington D.C., the Chancellor confirmed that she would be amending her debt definition at the Budget in order to raise public investment. The survey also showed the following:
Lucy Rigby MP, Co-Chair of the Labour Growth Group said: “At the Government's highly successful International Investment Summit, £63 billion's worth of private investment in Britain was announced - that's a huge vote of confidence in this country and a product of the stability this Government has brought about. The Chancellor has made clear that as part of the Budget she plans to allow for public investment too, with a modernised fiscal framework that values investment and backs Britain's future. The partnership between private and public investment is exactly what is needed to boost jobs and growth in a way that benefits all of our constituents across the UK.” Josh Simons MP, Co-Chair of the Labour Growth Group said: “To get Britain back on its feet, we need nothing short of a revolution in investment. That is what the Chancellor looks set to deliver on Wednesday. We know businesses have been frustrated by previous governments being sidetracked from the pursuit of growth by self-obsessed backbenchers. Today we're letting it be known that era is over. “This research demonstrates that voters want ambitious investment in the budget. The things voters most want to see prioritised, such as a better NHS, lower bills and more homes can only be delivered if public and private investment come together, backed by a Labour Government committed to a generational shift in economic growth.” Chris Curtis MP, Vice-Chair of Labour Growth Group said: “The reason we're doing this is to let businesses know in no uncertain terms that days of the Government being dragged off course by backbenchers putting party before country are over. “Under the previous government, no matter what businesses and investors heard from the Chancellor on Budget day, they knew the likes of the ERG were waiting in the wings to cause chaos. “It was a poisonous dynamic for this country's economy and the Labour Growth Group is the antidote to that. Ahead of this landmark Budget we're going to let business leaders and investors know the Labour backbenches are laser focused on delivering economic growth.” ENDS Notes to the Editor:
About the Labour Growth Group: The Labour Growth Group is a group of Labour MPs committed to tearing down the barriers to growth. We believe that many of the barriers to unleashing a new era of growth in the United Kingdom are political and we exist to confront those barriers. We give a platform to bold and practical ideas to promote economic growth. We engage with fresh thinking, discuss big questions, and push practical reforms that can unlock potential and put money in the pockets of working people across the UK. |