Labour has received public endorsement from 120 business executives as it prepares for the general election on July 4. The endorsement was made through a letter published in The Times, where business leaders criticized the Conservatives’ management of the economy, citing issues such as instability and stagnation. This support appears to stem from Labour’s efforts to present itself as a “pro-business, pro-worker” party.

Shadow Chancellor Rachel Reeves is expected to reinforce this position in a speech, promising a stable economic environment if Labour wins. The letter’s signatories include notable figures such as Andy Palmer, former CEO of Aston Martin, and John Holland-Kaye, former CEO of Heathrow Airport. High-profile ex-executives like Charles Randell and Sir Malcolm Walker also voiced their support.

Labour leader Sir Keir Starmer and Reeves have actively courted business leaders to bolster Labour’s economic credibility. However, most major listed UK companies have refrained from signing the letter, likely to avoid partisan politics. On the other hand, former Conservative supporters, notably Sir Malcolm Walker, have shifted their allegiance to Labour.

Reeves aims to frame Labour as the party capable of driving long-term growth and stability, a significant contrast to the Conservatives’ current economic strategies. The Labour campaign also promises not to revert to austerity measures and stresses collaborative efforts between businesses, the government, and workers to rejuvenate the UK’s economic potential.