The Institute of Directors welcomed the Shadow Chancellor’s focus today on adapting to the economy of the future in a speech at Imperial College, but warned heavy-handed regulation would stifle opportunity. James Sproule, Chief Economist at the IoD said:
“It’s absolutely right that John McDonnell is talking about the ways in which technological change is opening up new opportunities for wealth creation and altering the world of work. These are exciting times, with UK consumers enthusiastically adopting new technologies. An entrepreneurial revolution is taking place, with more and more people deciding they do not want the traditional employer-employee relationship.
“The Labour Party must view these as positive developments to be encouraged, not threats to be regulated away. Rather than trying to regulate business to conform to one particular view of what is ‘ideal’, politicians should be looking at how they can enable more people to take advantage of more flexible ways of using their skills and assets.”