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 •   VIEWS 97
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.

RECOMMENDED FOR YOU
IMF pledges support for Tinubu's reforms
BY Abiodun Saheed Omodara November 21, 2024 0

The President of the International Monetary Fund (IMF), Kristalina Georgieva has expressed strong ba...

RECOMMENDED FOR YOU
Amazon Shares Show Resilience Amid Market Fluctuations
BY Suleiman Kelvin Jimoh November 21, 2024 0

Amazon.com Inc (AMZN) has demonstrated a remarkable rebound in the stock market, showing a year-to-d...

RECOMMENDED FOR YOU
Gombe gov presents N320bn 2025 budget to assembly
BY Abiodun Saheed Omodara November 20, 2024 0

Gombe State Governor, Muhammadu Yahaya, presented a proposed budget of N320.11 billion for the 2025...

RECOMMENDED FOR YOU
NNPCL: Coalition group vows protest, says 1.6bn litres PMS will cripple economy
BY Benedicta Bassey November 20, 2024 0

NIGERIA—Following the decision by the Nigeria National Petroleum Company Limited (NNPCL), to i...

RECOMMENDED FOR YOU
FG reviews housing budget to N500bn for 2025
BY Benedicta Bassey November 19, 2024 0

NIGERIA —The Federal Government on Tuesday said it is reviewing it's annual housing budget to...

RECOMMENDED FOR YOU
Naira appreciates, hit N1,735/$ in parallel market
BY Benedicta Bassey November 19, 2024 0

The Naira appreciated to N1,735 per dollar in the parallel market from N1,740 per dollar last weeken...

RECOMMENDED FOR YOU
Tinubu, India PM sign pacts to foster collaboration in defence, economy
BY Benedicta Bassey November 18, 2024 0

NIGERIA — Nigeria and India have entered into partnership to foster collaboration in  def...

RECOMMENDED FOR YOU
UK regular pay growth slows, offering Bank of England hope for easing inflation pressures
BY ROCKETPARROT.com staff November 12, 2024 0

LONDON, Nov. 12 – British wage growth excluding bonuses hit a two-year low in the third quarte...

OUR CHANNELS:

OTHER ARTICLES ::

25th November, 2024
NAFDAC warns against unsafe antibiotics use in animals, humans
BY Benedicta Bassey November 25, 2024 0

NIGERIA  — The Director-General, National Agency for Food and Drug Administration an...


Top doctors halt strike action to review FG's response
BY Benedicta Bassey November 25, 2024 0

NIGERIA — The Medical and Dental Consultants’ Association of Nigeria (MDCAN) has suspend...


Tinubu eyes livestock sector reform, investment to curb farmer-herder clashes
BY Abiodun Saheed Omodara November 25, 2024 0

President Bola Tinubu has reaffirmed his administration’s commitment to resolving the farmer-h...


Katsina Govt. applauds  NAF  strike against bandits, vows to sustain regional stability
BY Abiodun Saheed Omodara November 25, 2024 0

KATSINA – The Katsina State Government has commended the Nigerian Air Force (NAF) for successf...


Breaking : Supreme court voids National Lottery Act
BY Abiodun Saheed Omodara November 25, 2024 0

The Supreme Court, on Friday, nullified the National Lottery Act 2005 enacted by the National Assemb...


ECB's renews integration call as trade war looms
BY Abiodun Saheed Omodara November 25, 2024 0

European Central Bank, President Christine Lagarde renewed her call for economic integration across...


China expands Visa-free entry to more countries to boost economy
BY Abiodun Saheed Omodara November 25, 2024 0

On Friday, China announced that it would expand visa-free entry to citizens of nine more countries a...


FAO aims key outcomes at COP16 Saudi Arabia
BY Abiodun Saheed Omodara November 25, 2024 0

The assistant Director-General of the Food and Agriculture Organization (FAO), Dr. Abdul Hakim Elwae...


Illegal detention: Bizman slams N50m suit on NDLEA
BY Benedicta Bassey November 25, 2024 0

NIGERIA — A businessman, Damilare Samuel, has slammed the National Drug Law Enforcement Agency...


Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 25, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...


Menu