Labour’s shadow chancellor Rachel Reeves will pledge to “lead the most pro-growth Treasury in our country’s history”, if her party is elected on July 4.
The shadow Chancellor will maker her first major economic speech of the election campaign on Tuesday where she will vow to “bring growth back to Britain”.
It comes after she ruled out increases to income tax or national insurance under a Labour government.
Reeves is expected to argue: “If we can bring business back to Labour, we can bring growth back to Britain.”
The former Bank of England economist will tell business leaders that her party has changed under Sir Keir Starmer to “offer a government that is pro-worker and pro-business”.
She is set to say: “If we can change this party to bring it back to the service of working people. If we can return it to the centre ground of politics.
“If we can bring business back to Labour, then I know we can bring business back to Britain.
“To bring investment back to Britain. To bring growth back to Britain. To bring hope back to Britain. Because by bringing business back to Britain we can deliver a better future for working people.”
Reeves will also commit to delivering economic stability with tough spending rules, and promise that her plans for economic growth are “built on partnership with business”.
She will stress that Labour will be a “mission-led government… a government that will build all its plans for the future on the bedrock of economic stability”.
And drawing a dividing line with the Conservative government and Prime Minister Rishi Sunak, she is expected to declare: “We will fight this election on the economy.
“Every day we will expose the damage they have done, and set out Labour’s alternative.
“Five missions for a decade of national renewal. And six first steps to point the way to a better Britain.”
But Laura Trott, chief secretary to the Treasury, hit back, warning: “The bosses of Asda, Marks and Spencer (M&S), Currys and the Confederation of British Industry (CBI) have all warned that Labour’s French-style union laws risk damaging the economy, costing jobs.
“Rishi Sunak and the Conservatives have a clear plan that businesses can rely on. We took the bold action to deliver the biggest business tax cut in modern history. Labour would tie businesses in red tape and raise taxes by £2,094 on hardworking families.”