Jimmy Wales from Wikipedia Business leaders support the Labor Party

Labor Treasurer Rachel Reeves delivers a speech on the British economy ahead of the Bank of England’s monetary policy release on May 07, 2024 in London, England.

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LONDON – More than 100 business leaders on Tuesday expressed their support for the United Kingdom’s center-left opposition Labor Party, nearly five weeks before the country heads to the polls.

The group, which includes Wikipedia founder Jimmy Wales and former JPMorgan Cazenove vice president Charles Harman, said in a press release: Open letter To The Times: “We, as leaders and investors in British business, believe it is time for change.”

The authors of the letter claim that the UK economy has suffered a decade of stagnation amid a lack of political stability and a coherent long-term economic strategy. The letter says the country has been “deprived of the skills and infrastructure it needs to thrive.”

They said Labor had “shown it has changed and wants to work with business to realize the UK’s full economic potential”.

Signatories also include WPP UK head Karen Blackett, JD Sports chairman and British Retail Consortium chairman Andrew Higginson, and former Tesco Bank and Heathrow Airport executives. Only a few current FTSE 250 CEOs appear on the list.

The right-wing Conservative Party has been in power since 2010, initially as part of a coalition with the smaller centrist Liberal Democratic Party. The United Kingdom had five prime ministers during that period.

The UK’s last general election was held in 2019 and resulted in a decisive victory for the Conservatives under former UK Prime Minister Boris Johnson, who resigned in 2022 after a series of controversies.

Political opinion polls over the past two years have indicated a likely Labor victory, although a major shift in the national election would be required.

Current Prime Minister Rishi Sunak last week called a snap election on July 4. In his speech and in comments to the media, Sunak said his government had overseen a decline in inflation and a return to economic growth.

The UK economy grew by 0.6% in the first quarter, after falling into a shallow recession last year.

Labor placed great emphasis on a commitment to fiscal discipline in the party’s campaign messaging. In a statement Tuesday, Labour He said Its pledges include creating a new publicly owned energy company and placing train operators under public ownership.

Meanwhile, Labour’s shadow finance minister and former banker Rachel Reeves has made a long-running effort to attract business and financial executives.

In a speech on Tuesday, Reeves said Labor would cap corporation taxes at their current level, work with the private sector to drive investment in the UK and publish a business tax roadmap within six months of taking power. BBC reported.

Hand him over Private letter During the election campaign, Sunak said that Labor would not provide financial security for people, according to the BBC.

CNBC has contacted the Conservative Party for comment.