in office if it won the term in office if it won the election. she also told the audience that the current level of 25% strikes the correct balance but hinted it could even be cut if the uk's competitive nurse comes under threat. —— competitiveness. this is the scene at the conference where keir starmer will address the audience very shortly and he will be talking about how labour is trying to woo business leaders and when rachel reeves gave her speech, she said labour has changed and we are now the pro—worker, pro—business party, and listening to this speech from keir starmer will be our political correspondent iain watson. what is keir starmer likely to say? he is likely to say that labour is

now the party of business and he will govern as a pro—business party, thatis will govern as a pro—business party, that is the emphasis, not so much on specific policies but about the environment in which he believes business can flourish and he will denounce the conservatives inadequate policies as he sees it, for promoting economic growth, and he says with growth will come prosperity. the specific announcement came from rachel reeves this morning when she guaranteed the corporation tax would not rise during the course of a labour government should they be elected. that is no change, effectively. she set out some specific tax rises and it was always implicit that they would not be any further tax rises announced but she made it explicit today, speaking to a business audience, so it will go down well that corporation tax would not go up under a labour government, and we are expecting more from keir starmer

in terms of mood music towards business and how much his party has changed. what is interesting, the elephant in the room, while rachel reeves and keir starmer talk about offering stability to business, what appears to be wobbly is their commitment to spending £28 billion per year on green projects, something announced by rachel reeves in 2021 and then the timescale was revised and this morning she was asked about it and she did not even mention the £28 billion figure at all and instead pointing out that there will be perhaps a couple of fiscal events, the budget next month and may be the autumn statement before the election, the party could set out his policy at that stage and that seems to be something of a hint that seems to be something of a hint that perhaps the party was rethinking the £28 billion figure. j rethinking the £28 billion figure. i am going to interrupt you because keir starmer is now at the podium. thank you for your support and your friendship now over many years. can

i start by thanking bloomberg for sponsoring this event? it is great to be here, thank you everyone for coming and for being in this room with us and what an impressive room this is. a testament i think to the changes we have made in the last four years. just for a moment, if you will indulge me, i read like you to cast your mind back to 2019, let's imagine that you were invited to an event like this, a labour business conference, before any of the changes to our party had taken place. the question is, would you go? as a wealth creator would you feel that your ambition and the vital role you play in the economy at commanded the respect it deserves? don't worry, they are called rhetorical questions for a

reason and this is not an audience participation event, so i'm looking round the room but but your glitter away. but doesn't that thought just show the scale of the journey that we have been on? the depth of the changes we have made to transform the labour party's relationship with business. it is something i take immense pride in and this has always been one of the key tasks in my project, to return a labour to the service of working people. because we know that in the real world working people want success as well a support, they want a government capable of matching their aspirations, understanding completely that private enterprise is how we pay our way in the world. so all the hard work that has taken us to this point, it is vindication and a recognition of that guiding

belief, notjust that labour could belief, notjust that labour could be the party of business, but that labour should be the party of business. and that now also four years on, labour is the party of business. but this project has to be more ambitious than changing the culture of my party. you have heard me say many times over the last four years, i want a partnership with business. but that word partnership has to express more than just a good relationship. frankly, that should be par for the course, relationship. frankly, that should be parfor the course, so relationship. frankly, that should be par for the course, so everything we do is driven by determination to provide the businesses, communities and people of this nation with the condition to succeed. to set a direction. five national missions, the whole country can get behind.

and then bring people together to achieve them. that is the job of government as i see it, and understanding that we serve the country while you drive it forward. that is what national renewal means and i know you stand ready tojoin us. i also know that the caricature that british business only serves the shareholder interest is lazy and out of date. one of the things i draw great hope from is the determination i see from the countless business leaders i have met to serve the national interest. a pride notjust in the contribution you already make but what else you could achieve if you had a government that matched your ambition. that is why, as we have drawn up our plans for the uk, we have notjust opened our doors, we have notjust opened our doors, we

have taken decisions together as equal partners in the venture of national renewal. your fingerprints on every one of our five missions. but nevertheless, for this partnership to endure, it is not enough to see the country and its challenges through the same eyes, we have to start getting things done. and that will mean new expectations on your business. because if we want a country where every worker enjoys dignity at work, if we want a country that invests its and its people, if we want a country where wealth creation comes from every community, then that cannot come from a change of government alone. we all have to change, business included. so, look, this is what this document that we are launching

today represents. a labour plan for business, a partnership for growth. with a clearly defined and measurable goal. the mission, that we can achieve the highest sustained growth in the g7. a target we set out not because it is easy, i think we can dispense with that accusation, but precisely because it is hard. and because we want everyone involved to understand the destination. we actively want our progress to be tracked and we embrace the harsh light of accountability. this is how you learn and adapt when faced with a long—term challenge. it is also a plan that comes with a clear purpose. because we are not agnostic. about the sort of growth we want. our mission commits us to

raising the living standards of working people in every community. and that means we will have to do the hard yards, roll up our sleeves, get underneath the bonnet and fix the unprecedented stagnation in british productivity. seriously, i don't think you can overstate what the british people have been through in the last iii years. it is notjust the permanent cycle of crisis. there is something much more fundamentally broken in the way this country creates wealth. i mean, a decade of lost wage growth, halfway down the road to another one, an economy with weak foundations, and road to another one, an economy with weakfoundations, and even in the calmer moments it can't provide the security working people need to look forward. something which doesn't just holdback our potential, but

also rips up the contract, the values that keep our country together, a sense that if you work hard and play by the rules you will have a chance, the future will be better for your children. that is why we need nothing less than a decade of national renewal. each one of those words is important. decade, because, frankly, that is how long it may take. national because we need the contribution of every citizen in this country. and renewal because this cannot be done with a few fixes and a policy tweak here and there. we need to go beyond the sticking plasters, find the long term cure that will allow us to face the future. that is why today we launch this new plan, this new purpose, this new partnership. with

five priorities we can unite behind, five priorities we can unite behind, five steps we can take together to begin our walk towards a country with its future back. step one, we will get written building again —— we will get the country building again, we will rip out the red tape in our planning system, that stops you building the future the country needs. take the tough decisions that will get the infrastructure you need. the warehouses, grid connections, roads, tunnels, labs, built more quickly, and at a better price. we will also build 1.5 million new homes for your workers and with that, a rich prize for your business. a path to a stronger skills base. happier workforce, business. a path to a stronger skills base. happierworkforce, more dynamism, more demand, more growth.

step two, we will kick—start a skills revolution. because a future must be trained as well as built. now, you told us of the system does not work. not enough coordination and too much chasing the ball and nobody thinking about the skills we need tomorrow. and we have listened. that is why we will set up a new national body, skills england. you told us the apprenticeship levy is too inflexible. will not let you train your own workforce in the way that you need. and we listened. that is why we will create a more flexible growth and skills levy instead. but as with any partnership, there is also a challenge because for years i have heard businesses complain about the skills system and the quality of the

courses at their local colleges so we are giving you the tools to do something about it. that is what our technical excellent colleges are all about. so i say in all seriousness, get into them and help design the courses, drive up the standards, and in doing so helped ground our education system more firmly, not just in young people's aspirations and notjust in the needs of your business, but also in the pride and the pull of the badge on the shirt, in building a lasting legacy for your community. step three, we will make work pay. zero—hour contracts scrapped. fire and rehire, finished. a genuine living wage. and i want to be crystal clear about this. we are going to level up the rights of

workers in a way which has not been attempted for decades. and that may not please everyone in the room or the wider business community. but nobody can doubt that the labour market is at the heart of the challenges on productivity, a clear reason why the wealth we create fails to generate economic security. that is notjust an argument about social justice. that is notjust an argument about socialjustice. it is also about growth. because the growth we need cannot come from a driving down the terms and conditions of the british people. that is not a pathway to sustainable improvement and if anything it distorts our economy with perverse incentives on things like investment in technology. i accept this may be a challenge for some businesses. but we will work

with you at every stage of rolling out reforms. and we will back you with a different deal. we will cut nhs waiting lists to make your workforce healthier, we will put a plan in place to make it more highly skilled, we will provide a better mental health access and more affordable housing, this is a different model. pro—worker and pro—business. step four, we will back you with the tools to transform the role of investment in our economy. a new industrial strategy that can maximise our distinctive strength, life sciences, digital technology, financial services, the creative industries, car manufacturing, clean power. a new national wealth fund ready to work hand in glove with you to rebuild our country. with public investment crowding in many multiples of

private investment. sharing both risk and reward by giving the british people a stake. and finally, step five, in some ways the most important step. the foundation it all rests upon. a commitment to always put economic stability first. now, rachel reeves spoke very clearly this morning, we cannot and we will not allow public spending needs, however important, to threaten the stability of our finances. we have seen where that leads under this government with total clarity. it is the definition of a false economy. and working people pay the price. but stability as you have told us time and time again, is notjust an exercise in

damage control, it is also an opportunity. i go back to what i said a few moments ago, ourjob is to provide you with the conditions to provide you with the conditions to succeed. and when you invest in your business, you invest in this country. so we want a competitive tax regime for business investment, and that is why we have backed a permanent full expensing, but we also know that this regime needs to be stable. in this parliament alone, we have had a new headline corporation tax, in 2021, 2022 twice, and then in 2023 yet more changes to the regime with the end of the super deduction. in fact, all told, there have been 26 changes to corporation tax since 2019. i think

thatis corporation tax since 2019. i think that is more changes than chancellors, although it is hard to keep up. i was at an event at the other day where the ceos were vying us to say who has had the most changes of minister in the last four years. but seriously, you know the chaos has a cost, you know that instability has a chilling effect on business investment. time and again, you tell me it is the chopping and changing and the sticking plaster politics and the growing concern that our government will rip up its international commitments that is holding back investment in our country. so that is why we have committed today to a stable corporation tax rate, no changes. and so for the whole of the next parliament, with labour, you will know exactly the return on your investment in this country. because

at the end of the day, when the big questions that echo around rooms like this are raised, where does the money go? where do ourjobs go? where does our investment in a better future go? where does our investment in a betterfuture go? i where does our investment in a better future go? i want the answer that comes back to be a resounding why not the uk, a country growing again, building again, believing again, building again, believing again, that hard work will be rewarded? aspiration will be backed, working people can be successful, because we have a long—term plan to get our future back. because we have a long—term plan to get ourfuture back. a partnership for growth, british business driving our country forward, with the labour party on your side, walking together with you, towards a decade of national renewal. thank you very much. �* ~ ,, much. applause thank _ much. applause thank you. - much. applause i thank you. studio: much. applause - thank you. studio: keir much. applause _ thank you. studio: keir starmer is

now auoin thank you. studio: keir starmer is now going to _ thank you. studio: keir starmer is now going to take _ thank you. studio: keir starmer is now going to take some _ thank you. studio: keir starmer is now going to take some questions. now going to take some questions from the audience and journalists so we are going to listen to that. inaudible we can see if the sound is any better... inaudible lets see if they sort out the microphones. keir starmer began by

saying that the conference was a testament to the changes made by the labour party in the last four years and he said it showed the scale of the journey that the party had been on to transform its relationship with the business and he told the audience that labour is the party of business and he wanted a partnership with business. i think we now have the sound back so we can listen to the sound back so we can listen to the questions. we the sound back so we can listen to the question— the questions. we have a cross-section _ the questions. we have a cross-section of - the questions. we have a cross-section of industry| the questions. we have a - cross-section of industry and i will cross—section of industry and i will not open _ cross—section of industry and i will not open it— cross—section of industry and i will not open it up to everyone, not that he wouldn't — not open it up to everyone, not that he wouldn't be delighted to answer many— he wouldn't be delighted to answer many questions but it is a big room and it_ many questions but it is a big room and it would — many questions but it is a big room and it would be a bit awkward. so we willjust— and it would be a bit awkward. so we williust ask — and it would be a bit awkward. so we willjust ask if you and then we can do a wrap—up at the end. xliterate willjust ask if you and then we can do a wrap-up at the end. very good. at national— do a wrap-up at the end. very good. at national grid _ do a wrap-up at the end. very good. at national grid we _ do a wrap-up at the end. very good. at national grid we are _ do a wrap-up at the end. very good. at national grid we are in _ do a wrap-up at the end. very good. at national grid we are in the - at national grid we are in the infrastructure business so i am allowed — infrastructure business so i am allowed one question which may be relates— allowed one question which may be relates to _ allowed one question which may be relates to my own business. and then i have a few — relates to my own business. and then i have a few questions _ relates to my own business. and then i have a few questions for _ relates to my own business. and then i have a few questions for you - relates to my own business. and then i have a few questions for you about | i have a few questions for you about the grid. i have a few questions for you about the rid. �* , the grid. laughter yes, afterwards. i the grid. laughter. yes, afterwards. you the grid. laughter - yes, afterwards. you have

the grid. laughter _ yes, afterwards. you have said on a number_ yes, afterwards. you have said on a number of— yes, afterwards. you have said on a number of occasions, that government needs— number of occasions, that government needs to _ number of occasions, that government needs to act _ number of occasions, that government needs to act differently and remove barriers _ needs to act differently and remove barriers to— needs to act differently and remove barriers to expanding infrastructure and you _ barriers to expanding infrastructure and you have even said you wanted to bulldoze _ and you have even said you wanted to bulldoze those obstacles but as a lawyer, _ bulldoze those obstacles but as a lawyer, you know at the detailed level— lawyer, you know at the detailed level that — lawyer, you know at the detailed level that underneath all of that there _ level that underneath all of that there is— level that underneath all of that there is a — level that underneath all of that there is a lot of permafrost that would _ there is a lot of permafrost that would have to be bulldozed, the framework of public participation, environmental protection, a by acre consenting. — environmental protection, a by acre consenting, judicial reviews, the question— consenting, judicial reviews, the question is, on a serious level, what _ question is, on a serious level, what are — question is, on a serious level, what are some of the things that you would _ what are some of the things that you would intend to do to really try to remove _ would intend to do to really try to remove these barriers that prevent infrastructure of all sorts from being — infrastructure of all sorts from being expanded? i�*m infrastructure of all sorts from being expanded?— infrastructure of all sorts from bein: exanded? �* ., , ., being expanded? i'm glad you started this because this _ being expanded? i'm glad you started this because this is _ being expanded? i'm glad you started this because this is a _ being expanded? i'm glad you started this because this is a really _ this because this is a really important question and as i tried to set out in the short speech, the model we want to move to is a partnership model, the like of which

we have not seen before in this country, and if you are going to have a partnership model, it is really important that as partners we are honest about what we are trying to achieve which is why i wanted business fingerprints on our missions because i did not think we could ask business to partner on a mission if they did not think we were picking the right mission. but then to understand the different roles. i don't think government should try to do what business can do because business does it better and try to run things from the centre, so we should let business do the work where they are the experts. but equally i'm not expecting business to do what government can do because government can pull different levers, therefore we say to business, it is not an invitation, it is and ask to work with us to wards these strategic goals that will change our country, and i think business can say in return, in which case, do you

understand what is standing in the way and are you prepared to do the hard yards are getting those barriers out of the way? planning is one of the barriers that comes up out pretty well every discussion we have, whether it is infrastructure, very bad at infrastructure projects in this country and they always take too long, they go over budget, and we are slower than other countries, but also when it comes to building houses, so we have to deal with what gets in the way, and the first thing in the way is planning and we therefore have got to reform planning and we are determined to do the tough stuff and there is things we can do about the national framework to start with, it has to be much clearer and the objectives have got to be changed, it needs to be made less challenging as we go down this road, to make sure we can get the infrastructure projects off the ground much more quickly so we have got to take on some of the challenges along the way, those that

wouldn't stand in the way of change, and there will always be people that stand in the way of change —— those that would stand in the way james we that because otherwise we will never get the change we need in this country. one of the formative conversations i had a few years ago was with someone about how quickly i could get a wind farm built on sure if we needed one, to get to clean power by 2030, and i was told to build the wind farm would take two years, but you would not be able to use it for 13. because the grid would take time and the planning would take time and the planning would take time and the planning would take time, and that would be 13 years, and we cannot hit our target if it takes 13 years to get a project that is two years to build to finalisation so we have got to have a real determination here to push through on this. we will try and do some of the early stuff by the way without too much legislation because i don't want to get bogged

down. we will inherit if we are privileged enough to come into power, a very broken economy and a broken set of institutions and public services so we have got to hit the ground running and we will get on with it from the first day. but we do need to talk about the grid. i but we do need to talk about the r rid, ., ., “ but we do need to talk about the r rid, ., ., 4' ., ., ., but we do need to talk about the rid. ., ., ~' ., ., ., ., but we do need to talk about the grid. i look forward to it. you said the magic— grid. i look forward to it. you said the magic words _ grid. i look forward to it. you said the magic words of _ grid. i look forward to it. you said the magic words of government . grid. i look forward to it. you said - the magic words of government speak which _ the magic words of government speak which is _ the magic words of government speak which is industrial policy, industrial strategy, and there is the industrial strategy that is being — the industrial strategy that is being practised in the us which is throw— being practised in the us which is throw a _ being practised in the us which is throw a lot — being practised in the us which is throw a lot of money at something, but then— throw a lot of money at something, but then there's the industrial strategy— but then there's the industrial strategy of china which is a long—term view of where a country can have _ long—term view of where a country can have a — long—term view of where a country can have a first move advantage to change _ can have a first move advantage to change the — can have a first move advantage to change the trajectory of investment and growth, so when you talk about industrial— and growth, so when you talk about industrial strategy throughout a number— industrial strategy throughout a number of sectors, might you

highlight— number of sectors, might you highlight the several where you think— highlight the several where you think some of the greatest potential is for the _ think some of the greatest potential is for the economy to deliver sustained and meaningful growth? industrial— sustained and meaningful growth? industrial strategy is hugely important and everybody in the room would agree with that, almost every business leader i have spoken to has put on their list of things that need to change, industrial strategy. we are not in a good place at the moment and theresa may did have an industrial tragedy which was not bad, actually, and i think i'm right in saying if you go to the government website now, and go to the portalfor government website now, and go to the portal for industrial tragedy, you will see the words archived, thatis you will see the words archived, that is it. there isn't one. it has gone off to the library forever. so we have got to build industrial tragedy. we can't have a partnership without it. it needs to be given an infrastructure, we need a counsel

for the strategy and it needs to be something that does not come and go as we have seen in the last four years and we also need a version thatis years and we also need a version that is capable of doing the granular work sector by sector because there will be different demands depending on the different sectors in which you are working and operating. so that is the framework. that is vital, it is much needed. the framework on itself does not get you home on the strategy because it is about a mindset and about how do you actually work as partners, so the industrial strategy, to take any sector would be working with business to say, what is the journey, the pathway, to the goal we are trying to achieve? one of the pinch points, where are they? is it early funding, changing the skills, is it making sure there is a guarantee purchase at this point in the process? is it de—risking? there

will be different versions of the discussion going on so the government is agile and not clunky and when we are putting investment whether it is in skills or money into a project, we know why we are doing it and we are putting it at the right point for business to help them on the journey to allow them to complete the journey, so that is the extent to which or the depth of industrial strategy as i sit, it will be a lot more hard work but lot more productive but what we won't be having is an industrial council that meets every quarter with coffee and a croissant and everybody says the same thing they said three months ago, and it is duly noted and we come back three months laterfor ago, and it is duly noted and we come back three months later for the same conversation. i have had too many of those discussions in my life and you probably have as well. this is sleeves rolled up industrial strategy that i am convinced from my discussions with businesses and many people in this room, they will think

it is the thing that unlocks the capability of this country to move forward at pace.— capability of this country to move forward at pace. fantastic. that is a erfect forward at pace. fantastic. that is a perfect segue — forward at pace. fantastic. that is a perfect segue to _ forward at pace. fantastic. that is a perfect segue to actually - forward at pace. fantastic. that is a perfect segue to actually asking | a perfect segue to actually asking some _ a perfect segue to actually asking some members of the audience to ask their questions that are more industrial— their questions that are more industrial specific. first, mike from astrazeneca. could somebody— first, mike from astrazeneca. could somebody bring the microphone? yes, thank ou. somebody bring the microphone? yes, thank yom we — somebody bring the microphone? yes, thank you. we are _ somebody bring the microphone? yes, thank you. we are delighted to see the report— thank you. we are delighted to see the report was _ thank you. we are delighted to see the report was published _ thank you. we are delighted to see the report was published earlier. the report was published earlier this week— the report was published earlier this week by— the report was published earlier this week by peter _ the report was published earlier this week by peter and - the report was published earlier this week by peter and by- the report was published earlierj this week by peter and by wares the report was published earlier- this week by peter and by wares for our sector~ — this week by peter and by wares for our sector~ i— this week by peter and by wares for our sector. i think— this week by peter and by wares for our sector. i think one _ this week by peter and by wares for our sector. i think one of— this week by peter and by wares for our sector. i think one of the - our sector. i think one of the really— our sector. i think one of the really critical— our sector. i think one of the really critical areas _ our sector. i think one of the really critical areas is - our sector. i think one of the really critical areas is about i really critical areas is about medicines— really critical areas is about medicines manufacturing . really critical areas is about - medicines manufacturing where we have seen— medicines manufacturing where we have seen a — medicines manufacturing where we have seen a real— medicines manufacturing where we have seen a real decline _ medicines manufacturing where we have seen a real decline in- medicines manufacturing where we have seen a real decline in uk- medicines manufacturing where we have seen a real decline in uk the. have seen a real decline in uk the last ten— have seen a real decline in uk the last ten years _ have seen a real decline in uk the last ten years ago _ have seen a real decline in uk the last ten years ago and _ have seen a real decline in uk the last ten years ago and particularly in exports — last ten years ago and particularly in exports being _ last ten years ago and particularly in exports being made _ last ten years ago and particularly in exports being made in- last ten years ago and particularly in exports being made in this - in exports being made in this critical— in exports being made in this critical area _ in exports being made in this critical area that _ in exports being made in this critical area that can - in exports being made in this critical area that can providel critical area that can provide massive _ critical area that can provide massive amounts— critical area that can provide massive amounts of- critical area that can provide . massive amounts of additional critical area that can provide - massive amounts of additionaljobs, hu-e massive amounts of additionaljobs, huge amounts — massive amounts of additionaljobs, huge amounts of _ massive amounts of additionaljobs, huge amounts of gda _ massive amounts of additionaljobs, huge amounts of gda for— massive amounts of additionaljobs, huge amounts of gda for local - massive amounts of additionaljobs, i huge amounts of gda for local places across— huge amounts of gda for local places across the _ huge amounts of gda for local places across the country, _ huge amounts of gda for local places across the country, exports _

huge amounts of gda for local places across the country, exports and, - huge amounts of gda for local places across the country, exports and, of. across the country, exports and, of course. _ across the country, exports and, of course. reallv — across the country, exports and, of course, really critically, _ course, really critically, resilience _ course, really critically, resilience in _ course, really critically, resilience in terms - course, really critically, resilience in terms of. course, really critically, - resilience in terms of medicines