One of the big changes in the Labour party since Keir Starmer took over from Jeremy Corbyn is the approach to business. Rachel Reeves, Starmer’s shadow chancellor, made wooing the business community a top priority. Today, Starmer and Reeves went further with the ‘Labour Business Conference 2024’ held at The Oval, where Reeves said that a Labour government would not raise corporation tax in its first term. Instead, she told the audience of FTSE 100 chief executives that a Labour government would keep the current cap of 25 per cent. This, she said, would provide certainty to business.
Reeves went further still, adding that she would keep open the possibility of cutting corporation tax in the event that other countries reduced their rates, which could lead to the UK looking uncompetitive.
The announcement at The Oval today (where tickets reportedly sold out in just a few hours) is meant to do two things.
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