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IoD warns Shadow Chancellor against ‘sweeping measures and angry rhetoric’

24 Sep 2018

iodResponding to Shadow Chancellor John McDonnell’s speech at Labour Party Conference, Stephen Martin, Director General of the Institute of Directors, said:

“We’ve said it before and we’ll say it again – business is not the enemy.

“The overwhelming majority of business leaders are as frustrated as anyone about poor wage growth, sluggish productivity, and corporate governance failures. But the answer will not be found in sweeping measures and angry rhetoric.

“Despite so much focus on employees as wealth creators, it was deeply disappointing that there was absolutely no recognition of the directors and entrepreneurs whose skills and endeavours generate jobs and prosperity in this country. Our members pay their staff well, provide training and plan for the long-term.

“There are plenty of areas - from skills to governance - where business and Labour can work together to ensure that the economy is able to meet the pressures facing firms large and small over the next few years. But clobbering employers at a time of unprecedented uncertainty would be a poor way to start that collaboration.”

On renationalisation, Stephen Martin added:

“Renationalisation across the board would lead to lots of sound and fury, solving nothing.

“Firms rely on functioning public services and utilities just as much as households, and are just as fed up with instances of sub-par services. But putting industries in the hands of government officials would do nothing to improve efficiency.

“Recreating public monopolies funded by the taxpayer is not the answer to private monopolies. Competition and better regulation is.”

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