Labour will be both “pro-worker and pro-business” if it wins the general election, Rachel Reeves will pledge on Tuesday.
The shadow chancellor will seek to reassure the corporate world of her credentials in her first major speech of the campaign, promising to “lead the most pro-growth Treasury in our country’s history”.
But speaking to an audience of company bosses, she will say their success depends on that of their workforce, claiming only Labour can deliver on both.
It comes after more than 120 business leaders, including chef Tom Kerridge and Wikileaks founder Jimmy Wales, signed an open letter giving their backing to Labour to “achieve the UK’s full economic potential”.
But it also follows a backlash over the rebrand of its workers’ rights package last week, described by one union boss of having “more holes than Swiss cheese”.
Chief Secretary to the Treasury Laura Trott pointed to attacks on the “French-style union” policies from Asda and Currys, saying they “risk damaging the economy [and] costing jobs”.
She added that “Rishi Sunak and the Conservatives have a clear plan that businesses can rely on”, while Labour would “tie businesses in red tape and raise taxes”.
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Both Ms Reeves and Sir Keir Starmer have sought to win over business voters since taking over the party from Jeremy Corbyn.
Pointing to the change in direction, the shadow chancellor will say: “Our plans for growth are built on partnership with business. A mission-led government, prepared to take on the big challenges we face and ready to seize the opportunities of the future.”
She will emphasise the party’s “first step” for government, promising to “build all its plans for the future on the bedrock of economic stability”.
Referencing decisions taken by the Conservative government of the past 14 years, she will add: “It is clearer than ever that in this election, in the face of Tory chaos, stability is change.
“Stability, so that we never again see a repeat of the mini budget and the damage it did to family finances. Stability, so that families and business can plan for the future.
“Stability of direction, so we can bring together government, business and working people in common purpose, to meet the great challenges of our time.”
Ms Reeves will say that by having business on their side, Labour can bring both investment and hope back to the country.
“If we can change this party to bring it back to the service of working people, if we can return it to the centre ground of politics, if we can bring business back to Labour, then I know we can bring business back to Britain,” Ms Reeves will add.
“To bring investment back to Britain. To bring growth back to Britain. To bring hope back to Britain.
“Because by bringing business back to Britain we can deliver a better future for working people, by creating good jobs that pay a decent wage. Bringing in investment to build strong communities with thriving high streets. Putting more money in people’s pockets. And having pride in the good and services made in Britain, but exported around the world.”
Making her election pitch, she will say the vote on 4 July will be “a chance for the British people to pass judgement on fourteen years of economic chaos and decline under the Conservatives”, adding: “The choice at the next election is simple: five more years of chaos with the Conservatives or stability with a changed Labour Party.
“We will fight this election on the economy. Every day we will expose the damage they have done, and set out Labour’s alternative.”
But the SNP’s Drew Hendry said the upcoming speech “cynically ignores the most fundamental reason for the economic decline of the United Kingdom – Britain is broken and Brexit broke it”.
He added: “If Labour were actually interested in backing business and growing the economy, they wouldn’t have foolishly ruled out a return to the European single market and the customs union.”
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The Conservatives will be turning their attentions to pensioners on Tuesday, announcing they will increase their tax-free allowance in line with the triple lock – meaning it will always be higher than the state pension.
Claiming the move will cut people’s taxes by £100 next year, Rishi Sunak will say: “I passionately believe that those who have worked hard all their lives should have peace of mind and security in retirement.
“This bold action demonstrates we are on the side of pensioners. The alternative is Labour dragging everyone in receipt of the full state pension into income tax for the first time in history.”
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Meanwhile, the Liberal Democrats will be focusing on crime, promising a “burglary response guarantee” so all domestic burglaries are “attended by the police and properly investigated”.
Pointing to official government figures showing almost 76% of burglaries went unsolved last year, party leader Sir Ed Davey will say: “Too many families now feel unsafe in their own homes because this Conservative government has decimated frontline policing for too long.
“Victims are being denied justice because Conservative ministers can’t even get the basics right on solving crime. That is why the Liberal Democrats would deliver a burglary response guarantee, to ensure all home burglaries are attended by the police and properly investigated.”
