Political stability key to British businesses thriving again - Jonathan Reynolds

It comes from a deep-rooted belief that Britain faces some big challenges that we need to meet together.

It is my absolute conviction that the major economic issues before us – low investment, poor productivity, and low growth – can only be fixed with a better relationship between Government and the private sector.

I see my role as to listen, to engage, to communicate our plans clearly, and to try and solve problems – rather than cause them.

Labour’s mission for the UK to have the highest sustained growth in the G7 is ambitious. But I do believe if we get this relationship, and the policy environment, right – we have huge potential we could fulfil.

So, what I want to talk about is how we do that and how a Labour Government can provide what I call ‘the total business environment’ to ensure that success.

The bedrock to economic success has to be certainty and stability. It has been lacking in recent years. I have been our Shadow Business Secretary for two years. In that time, I have shadowed five different people, we have had three prime ministers, we’ve had four chancellors.

We’ve seen recently, some vivid examples of the problem I’m talking about.

Take HS2. What we’ve seen is a national embarrassment. Billions of pounds have been wasted, business let down, regeneration plans lost. A flagship Government policy. Gone overnight.

When Parliament wasn’t even sitting and able to ask the most basic of questions by way of scrutiny.

Or take the changes to the phasing out of new petrol and diesel vehicles from 2030. A major announcement on the headline date, made not at the request of business, which hugely undermines investment certainty – but without a corresponding change to the Zev mandate that leads up to 2030.

So you lose the certainty and credibility of keeping the target, but you don’t get the flexibility of moving it either.

I am tremendously proud of the many brilliant things we do here in the UK. But recognising where we need to do better – and where the political system needs to do better – that’s not talking the country down. It’s being confident and excited and serious about the future.

I believe Labour is now the party of business because we are offering you what you need. Not a policy checklist - but real, enduring partnership. I’m afraid I don’t believe that is on offer from the present Government.

What Labour can offer British businesses is a strong economy underpinned by fiscal discipline. A plan to invest backed up by an industrial strategy. Britain building again. Working people secure again.

An abridged version of a speech delivered by Jonathan Reynolds MP, Shadow Business Secretary, at the CBI (Confederation of British Industry) conference.