It’s quite extraordinary how many business leaders think it’s all over for the Conservative government. 75% think a Jeremy Corbyn-led Labour government could happen within five years, according to polling undertaken by Portland Communications. Given six out of ten business have made zero preparations for this outcome, the PR firm is urging them to get ready for the “imminent possibility” of a Corbyn premiership.
Ready set go
Portland Communications pointed out Labour policies that would have an impact on big business:
For business, this will mean a focus on ending zero-hours contracts, repealing the Trade Union Act, sectoral collective bargaining, introducing a real National Living Wage, among a host of other policies to improve workers’ rights. The tone of how government approaches businesses will change.
Get the news that really mattersSign me up
But Labour’s wider economic policies may have an even greater impact. Public ownership of key services would have a dramatic effect on the economy. Every business needs electricity and water, for example. The thing is, right now businesses must rent these services from private companies. Whereas if these sectors were publicly owned, private companies could save that money. Instead of going to distant shareholders, profits could be reinvested into the service, making it cheaper for all.
The huge expansion of social housing would also benefit business. If people did not have to spend half their income on rent, they would have huge amounts more to spend in the local economy. This would create a widespread demand for products.
The positive outcomes of public investment are part of the reason why over 120 economists urgently backed Corbyn in the 2017 general election. They signed a letter which read:
Labour’s manifesto proposals are much better designed to strengthen and develop the economy and ensure that its benefits are more fairly shared and sustainable, as well as being fiscally responsible and based on sound estimations.
We point to the proposed increases in investment in the future of the UK and its people, labour market policies geared to decrease inequality and to protect the lower paid and those in insecure work, and fair and progressive changes in taxation.
Businesses shun the Conservatives
During the election, The Telegraph found that the overwhelming number of Britain’s small businesses “overwhelmingly rejected” the Conservative manifesto. Meanwhile, there was appetite among small businesses for the macroeconomic policies Labour advocates. 38% of small businesses surveyed by the FSB viewed investment in infrastructure as a priority in this election.
It seems even business leaders are aware that a Corbyn government is likely on the horizon. The establishment has been fleecing Britons for years. So in one sense it’s no wonder Labour has been consistently ahead in the polls since the general election. By the looks of things, the elite is finally about to get its comeuppance.
– Join The Canary if you appreciate the work we do.
Featured image via screenshot
Since you're here ...
We know you don't need a lecture. You wouldn't be here if you didn't care.
Now, more than ever, we need your help to challenge the rightwing press and hold power to account. Please help us survive and thrive.