Would you like to receive notifications on latest updates of the following headlines?

UK'll Emerge Safe Haven For Business Under Labour, Says Rachel Reeves

POSTED ON June 30, 2024 •   Business      BY Benedicta Bassey
Rachel Reeves/ Photo credit: LinkedIn

Britain will be a safe haven for business under Labour as Europe turns to populism, Rachel Reeves has insisted on Sunday.

Ms Reeves, who may become Britain’s first female chancellor after the general election this week, was writing ahead of Sunday’s French parliamentary elections, which are expected to see a large surge in the hard-Right and far-Left vote.

She said:  “I want investors to look at Britain and say it is a safe haven in an increasingly turbulent Europe and the rest of the world. At a time when other countries look to be tilting towards more populist, unstable politics I want Britain to be a secure and stable place where business can invest with confidence.”

Last week the Bank of England warned that the looming French election posed a threat to global financial stability and the British economy.

Officials at Threadneedle Street warned of potential market turmoil after President Emmanuel Macron called a snap poll that could hand a majority to parties that favour increased borrowing, meaning a victory would risk driving up France’s already high debt levels.

Again, several hard-Right parties made significant gains in the European Union parliamentary elections, delivering humiliating defeats to the parties of Olaf Scholz, the German chancellor, and Karl Nehammer, the Austrian chancellor, as well as Mr Macron.

Ms Reeves said that wealth creation, led by the private sector, was at the heart of Labour’s vision for growth in the economy.

According to her, “I know from talking to businesses that they are ready to invest in Britain. Like me, they see the extraordinary potential we have as a country."

“The start-up firms founded here and trading with the rest of the world. The universities working with pharmaceutical companies to develop the next generation of cancer treatments. And the latest blockbusters filmed in the UK and shown on screens to millions.

“But I know they are also frustrated about the instability of the past 14 years. Too often I hear chief executives tell me that they want to put money into Britain but have been put off by the endless chaos in our politics or the red tape left untouched for years because of the paralysis in Westminster.”

Ms Reeves intends to boost the financial services sector by cutting the watchdog’s “regulatory burden”, including by streamlining some “excessively procedural rules” in the Financial Conduct Authority’s (FCA) 10,000-page regulatory handbook.

She will also scrap overlapping rules set by the FCA, the Bank of England and the Competition and Markets Authority, and create a

“regulatory innovation office” that could help regulators share data. 
Ms Reeves said that if she became chancellor, she would lead the “most pro-growth, pro-business Treasury in our history”. 

“It should not be the job of government alone to deliver that investment. It will require a new partnership with business,” she said.

READ ALSO
South Africa Surpasses Nigeria in Fuel Imports Amid Dangote Refinery Operations
BY Abiodun Saheed Omodara May 29, 2025 0

Nigeria has lost its long-standing title as Africa’s largest importer of refined petroleum pro...

READ ALSO
Economists Warn of Debt Sustainability Risks as Nigeria Eyes $24.14 Billion in Foreign Loans
BY Abiodun Saheed Omodara May 28, 2025 0

Nigeria's public debt is poised for another substantial increase as President Bola Tinubu has sought...

READ ALSO
Nigeria's Solid Minerals Sector Attracts Over $800 Million in Investments Amid Policy Shift
BY Abiodun Saheed Omodara May 25, 2025 0

The Minister of Solid Minerals Development,Dr Dele Alake announced that Nigeria attracted over $800...

READ ALSO
SNEPCo Urges Indigenous Firms to Enhance Skills for Future Opportunities
BY Abiodun Saheed Omodara May 23, 2025 0

The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has urged Nigerian firms to st...

READ ALSO
JUST IN: Dangote refinery slashes petrol prices by N15 nationwide
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria — The Dangote Petroleum Refinery recently announced a reduction in the pump pri...

READ ALSO
Sanwo-Olu Advocates for Innovation, Accountability in Economic Policies
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria - Lagos State Governor Babajide Sanwo-Olu has stated that Nigeria must hasten its pro...

READ ALSO
CBN's Rigid Monetary Policies Threaten Nigeria's Industrialization Efforts
BY Abiodun Saheed Omodara May 22, 2025 0

With the Central Bank of Nigeria (CBN) keeping the benchmark interest rate at 27.5 percent, local ma...

READ ALSO
FG to Auction 753 Housing Units Recovered from Ex-CBN Governor Emefiele
BY Abiodun Saheed Omodara May 20, 2025 0

ABUJA, Nigeria - The Federal Government has declared its intention to sell 753 housing units that we...

OUR CHANNELS:

NEMA Mobilizes Teams to 15 States Amid Flood Warnings
BY Abiodun Saheed Omodara June 5, 2025 0

The National Emergency Management Agency (NEMA) has sent officials to 15 high-risk states to educate...


Edo Faces Diphtheria Outbreak, Two Confirmed Deaths
BY Abiodun Saheed Omodara June 5, 2025 0

EDO, Nigeria (NAN) - A diphtheria outbreak has been confirmed in Edo State, resulting in two deaths....


Tinubu Honors Bill Gates with National Award for Global Philanthropy
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - President Bola Tinubu commended Bill Gates, the co-founder of Microsoft and chairma...


Bahrain, Colombia, DRC, Latvia, and Liberia Join UN Security Council for 2026-2027 Term
BY Abiodun Saheed Omodara June 5, 2025 0

The UN General Assembly on Tuesday elected five new non-permanent members to the UN Security Council...


Tinubu Orders Urgent Repairs on Flood-Damaged Bridge in Mokwa
BY Abiodun Saheed Omodara June 5, 2025 0

NIGER, Nigeria (NAN)- President Bola Tinubu has instructed the Federal Ministry of Works to repair t...


Nigeria Needs ₦2.2 Trillion to Eliminate Cervical Cancer by 2030, Says Task Force Chair
BY Abiodun Saheed Omodara June 5, 2025 0

ABUJA, Nigeria — Nigeria will need ₦2.2 trillion to roll out comprehensive cervical cancer ini...


EFCC Charges Two Men for Posing as Fake Sureties in Illegal Mining Case
BY Abiodun Saheed Omodara June 4, 2025 0

The Economic and Financial Crimes Commission (EFCC) has charged two individuals, Shehu Abdu and Isah...


Court Sentence Scrap Seller to 12 Years for Sexual Assault of Four-Year-Old Girl
BY Abiodun Saheed Omodara June 4, 2025 0

A scrap seller, Nasiru Usman, was sentenced to 12 years in prison by an Ikeja Sexual Offences and Do...


70-Year-Old Faces Manslaughter Charges After Fatal Accident
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - A 70-year-old man, Isiaka Afolayan, has been detained for careless driving and the...


Police Arrest 49 years old Suspect for Abduction of Two-Month-Old Baby
BY Abiodun Saheed Omodara June 5, 2025 0

DELTA, Nigeria - The police in Delta reported the arrest of a suspect named Joy Temitope for the abd...


More Articles

Load more...

Menu