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Keir Starmer faces a delicate challenge as he navigates between the demands of big business and the needs of working people. With the Labour government marking its first 100 days, Starmer is set to relaunch his central mission: restoring economic growth.

 

This effort coincides with an international investment summit in London, where some of the world’s most powerful financiers, including those from Goldman Sachs, BlackRock, and Google, will be in attendance. However, divisions within Starmer’s cabinet and the broader Labour party reveal a deeper tension about how best to achieve growth.

 

One of the key sources of internal conflict stems from the ousting of Transport Secretary Louise Haigh, who described P&O Ferries as a “rogue operator” after the company’s controversial practices. This decision highlights the underlying dilemma in Labour’s economic strategy, where growth must be balanced with ensuring the proceeds are more evenly distributed.

 

The prime minister will be looking to secure the backing of major global companies at the summit as he strives to make the UK’s economy the fastest-growing in the G7. This focus on wooing big business comes at a time when the country’s public finances are strained. With a difficult budget on the horizon for Chancellor Rachel Reeves, Starmer’s courtship of business leaders may be necessary to stimulate investment. Most economists agree that boosting business investment is critical to enhancing productivity and fostering economic growth—an area in which the UK has lagged behind its G7 counterparts, particularly since the 2008 financial crisis.

 

However, not all within Labour are comfortable with the involvement of certain companies. Some firms attending the summit, such as DP World, the owner of P&O Ferries, and Macquarie, an Australian firm known as the “vampire kangaroo” for its controversial business practices, have been criticized for perpetuating inequality. Even if these companies invest in the UK, the question remains: will the benefits be distributed fairly?

 

Adding to the complexity, Starmer has expressed a willingness to eliminate red tape and regulations that hinder investment, which could further stoke concerns about Labour’s stance. While some businesses are encouraged by the government’s openness, others remain cautious, particularly ahead of Reeves’ budget, which may target wealthier individuals and corporations with higher taxes. Employers are also wary of potential increases in national insurance contributions.

 

In contrast, Starmer recently touted Labour’s “new deal” for working people as the most significant upgrade in workers’ rights in a generation. Although some business leaders criticized this initiative as an anti-growth move, the prime minister sees it as essential, given the rise of zero-hours contracts, stagnant wages, and growing in-work poverty over the past decade.

 

Labour’s approach includes working alongside the private sector through the National Wealth Fund and GB Energy, co-investing to leverage private funds and ensuring the state shares in the gains of economic growth. Despite his criticisms of excessive regulation, Starmer’s government recognizes that unchecked capitalism is not the answer.

 

Ultimately, Starmer’s mission to grow the economy while promoting fairness is a tricky balancing act. As he welcomes big business to London, the prime minister faces the challenge of securing investment without alienating those concerned about inequality and workers’ rights. Whether he can successfully walk this fine line remains to be seen.

 

Based on a report from The Guardian 2024-10-15

 

 

 

[jippytum]

Starmer has no shame. Sleaze and corruption exposed in his first 100 days may be  only the tip of the iceberg.