What changes will the new Labour government make to employment law?
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Business and trade secretary Jonathan Reynolds has called on companies to provide feedback on their priorities for kickstarting the economy
As part of the first 100 days’ ambitions, Reynolds is asking the business community to get involved with the future direction, with a call for urgent feedback on key focus areas for reform.
The incoming Labour government has hit the ground running with a key objective to grow the economy and restore growth.
Earlier this week Reynolds held a call with business owners and entrepreneurs to set out his vision for economic growth and the government’s new strategy, stressing that he wanted the business community to help shape policy priorities.
In a post on the Department for Business’ LinkedIn, Reynolds said: ‘We will continue the work we started in opposition to bring together business, government and workers to kickstart our economy and rebuild our country.
‘There is no time to waste.
‘That’s why, in my first few days as Secretary of State, I have spoken with dozens of business owners and entrepreneurs representing companies of all shapes, sizes, and sectors.’
The four planks of Labour business policy are to deliver a new mission-driven industrial strategy, support small businesses, reset trade relations and champion British exports, and make work pay.
‘We can’t do this alone. We must work with business every step of the way. It’s why I’m asking some questions of business owners to help shape our approach,’ Reynolds said.
‘It doesn’t matter if your business has one or 1,000+ employees. I want you to tell me:
- how we should use our industrial strategy to kickstart Britain’s economy;
- how you have supported your teams while also growing your business so we can take forward the best examples to inform our work;
- what’s stopping you growing if you’re a small business owner; and
- how we should use our trade strategy to drive up exports and sell more British-designed, British-made products and services to markets around the world?
The top issue for the Labour government is to develop a focused industrial strategy ‘that boosts productivity, drives clean, green power and builds a resilient economy that can stand on its own two feet’. Part of this will see the creation of an industrial strategy council which will be put on a statutory footing to ensure a long-term approach to support businesses.
On small business strategy, Reynolds said the approach was about ‘hard-wiring the voice of small business into everything we do’.
Priorities include action on late payments, reform of the British Business Bank to free up capital and access to loans, and changing public sector procurement rules to open up better access for SMEs to government contracts.
This follows the launch of a National Wealth Fund earlier this week by Chancellor Rachel Reeves with funding of £7.9bn to support green and net zero investment, and innovation.
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