Ilovecheese
Yes, Starmer is talking to business people about how Labour can help business, but that sort of "trickle down" economics doesn't really help to lift people out of poverty. It is a discredited theory isn't it.
I appreciate what you are saying, Ilovecheese, but this was an interesting article by Will Hutton in Sunday's Observer
Extracts:
It’s a historic moment. Working on the Advancing Purpose report published last week for the Purposeful Company thinktank (full declaration: I am co-chair), I was gobsmacked by the concern expressed by leading City figures, not only about low growth and investment, but the spillover effects on poverty, wages and life chances.
What is emerging is a growing view among the best of our businesses that strategy and values should be driven by commitment to a social purpose. In the financial services world, there is the realisation that the purpose of reviving British enterprise is self-evidently vital and must be engaged with – motivated by a healthy measure of self-interest.
There is an urgent need to reverse what is happening and the City must play its part. As the report discloses, our top insurance companies want to create a £50bn private sector national wealth fund to invest in British business – in hi-tech startups, green technologies, fast-growing companies and to help anchor our established best. It would be stronger still if done in partnership with a government willing to create its own £50bn wealth fund in parallel. Starmer and the shadow chancellor, Rachel Reeves, have already proposed such a fund. Now they have their partner: unexpectedly their policy has real traction.
The wealth fund would target investment in businesses with a declared social purpose – creating a new asset class of purposeful companies.
www.theguardian.com/commentisfree/2023/feb/26/battered-by-brexit-alarmed-by-poverty-city-finding-new-sense-purpose
Worth reading the whole article. This looks promising and not 'trickle down'
It attacks the failure of business to invest in the UK
Thus today we confront the scandal that only 7% of pension fund investment is directed to infrastructure and young startup companies compared with an international average of 19%. In 2000, around 42% of the shares on the London Stock Exchange were owned by insurance companies and pension funds; today, it is about 6%. British funds backing risk and enterprise on any scale have all but disappeared. A steady drip of companies is exiting Britain: startups that list in the US rather than the UK or that are being bought out by foreign companies.