Shadow chancellor Rachel Reeves delivers a speech during a visit to Rolls-Royce in Derby, England, on Tuesday. AP
Shadow chancellor Rachel Reeves delivers a speech during a visit to Rolls-Royce in Derby, England, on Tuesday. AP
Shadow chancellor Rachel Reeves delivers a speech during a visit to Rolls-Royce in Derby, England, on Tuesday. AP
Shadow chancellor Rachel Reeves delivers a speech during a visit to Rolls-Royce in Derby, England, on Tuesday. AP

Rachel Reeves claims Labour can be pro-worker and pro-business


Soraya Ebrahimi
  • English
  • Arabic

UK shadow chancellor Rachel Reeves has told business leaders that Labour can be trusted with the country's economy and that together with businesses and workers, the opposition party can "bring growth back to Britain".

In her first major election campaign speech on Tuesday, she said a Labour government would be both "pro-business and pro-worker" and Labour was the "natural party of British business".

“By bringing business back to Britain we can deliver a better future for working people,” she told a gathering of business leaders at a Rolls-Royce plant in Derby, in the East Midlands.

Meanwhile, a letter signed by 120 business leaders, including the former chief executives of Aston Martin, Heathrow Airport and The Times newspaper, appeared to back Labour's notion that it was time for change.

"Labour has shown it has changed and wants to work with business to achieve the UK’s full economic potential. We should now give it the chance to change the country and lead Britain into the future," the letter said.

One of the signatories is Rachel Coldicutt, the founder and executive director of technology research consultancy Careful Industries.

"Over the past two years, the Conservatives have shown that they are not particularly the party of small businesses and they're not supporting entrepreneurs," she told The National.

"I think, actually, the Conservatives have been focused on big picture, big money and not the day-to-day reality."

The founder of Wikipedia, Sir Jimmy Wales, and restaurateur Tom Kerridge have also signed, along with the founder of a childcare company in which Rishi Sunak's wife previously held shares.

However, no chief executives from the 100 largest companies on the London Stock Exchange signed the letter.

Referring to the letter, Ms Reeves spoke of what she sees as the increasingly close relationship between the Labour party and the business community.

"A few years ago, you might not have expected to have heard these things from the Labour party. Think how far we've come under Keir Starmer's leadership in four short years," she said.

She said she is “not one of those politicians that thinks that the private sector is a dirty word, or a necessary evil”.

She added: “I want to lead the most pro-growth, the most pro-business Treasury that our country has ever seen, with a laser focus on delivering for working people."

Who's who in the Labour cabinet - in pictures

  • Keir Starmer, leader of the opposition. PA
    Keir Starmer, leader of the opposition. PA
  • Angela Rayner, shadow deputy prime minister and shadow secretary of state for levelling up, housing and communities. PA
    Angela Rayner, shadow deputy prime minister and shadow secretary of state for levelling up, housing and communities. PA
  • Rachel Reeves, shadow chancellor of the exchequer. Reuters
    Rachel Reeves, shadow chancellor of the exchequer. Reuters
  • Bridget Phillipson, shadow education secretary. PA
    Bridget Phillipson, shadow education secretary. PA
  • Yvette Cooper, shadow home secretary. Getty Images
    Yvette Cooper, shadow home secretary. Getty Images
  • Wes Streeting, shadow health and social care secretary. Getty Images
    Wes Streeting, shadow health and social care secretary. Getty Images
  • Ed Miliband, shadow energy security and net zero secretary. Getty Images
    Ed Miliband, shadow energy security and net zero secretary. Getty Images
  • David Lammy, shadow foreign secretary. Reuters
    David Lammy, shadow foreign secretary. Reuters
  • Pat McFadden, shadow chancellor of the Duchy of Lancaster and national campaign co-ordinator. PA
    Pat McFadden, shadow chancellor of the Duchy of Lancaster and national campaign co-ordinator. PA
  • Nick Thomas-Symonds, shadow minister without portfolio. PA
    Nick Thomas-Symonds, shadow minister without portfolio. PA
  • Jonathan Ashworth, shadow paymaster general. PA
    Jonathan Ashworth, shadow paymaster general. PA
  • Shabana Mahmood, shadow justice secretary. Getty Images
    Shabana Mahmood, shadow justice secretary. Getty Images
  • Jonathan Reynolds, shadow business and trade secretary. PA
    Jonathan Reynolds, shadow business and trade secretary. PA
  • Liz Kendall, shadow work and pensions secretary. House of Commons
    Liz Kendall, shadow work and pensions secretary. House of Commons
  • John Healey, shadow defence secretary. PA
    John Healey, shadow defence secretary. PA
  • Louise Haigh, shadow transport secretary. PA
    Louise Haigh, shadow transport secretary. PA
  • Thangam Debbonaire, shadow culture, media and sport secretary. House of Commons
    Thangam Debbonaire, shadow culture, media and sport secretary. House of Commons
  • Anneliese Dodds, Labour Party chairwoman and shadow women and equalities secretary. PA
    Anneliese Dodds, Labour Party chairwoman and shadow women and equalities secretary. PA
  • Steve Reed, shadow environment, food and rural affairs secretary. PA
    Steve Reed, shadow environment, food and rural affairs secretary. PA
  • Peter Kyle, shadow science, innovation and technology secretary. PA
    Peter Kyle, shadow science, innovation and technology secretary. PA
  • Hilary Benn, shadow Northern Ireland secretary. House of Commons
    Hilary Benn, shadow Northern Ireland secretary. House of Commons
  • Ian Murray, shadow Scotland secretary. House of Commons
    Ian Murray, shadow Scotland secretary. House of Commons
  • Jo Stevens, shadow Wales secretary. Getty Images
    Jo Stevens, shadow Wales secretary. Getty Images
  • Emily Thornberry, shadow attorney general. House of Commons
    Emily Thornberry, shadow attorney general. House of Commons
  • Lisa Nandy, shadow cabinet minister for international development. UK Parliament / AFP
    Lisa Nandy, shadow cabinet minister for international development. UK Parliament / AFP
  • Darren Jones, shadow chief secretary to the Treasury. House of Commons
    Darren Jones, shadow chief secretary to the Treasury. House of Commons
  • Ellie Reeves, deputy national campaign co-ordinator. House of Commons
    Ellie Reeves, deputy national campaign co-ordinator. House of Commons
  • Lucy Powell, shadow leader of the House of Commons. House of Commons
    Lucy Powell, shadow leader of the House of Commons. House of Commons
  • Alan Campbell, opposition chief whip in the House of Commons. House of Commons
    Alan Campbell, opposition chief whip in the House of Commons. House of Commons
  • Baroness Angela Smith, shadow leader of the House of Lords. House of Commons
    Baroness Angela Smith, shadow leader of the House of Lords. House of Commons
  • Lord Roy Kennedy, opposition chief whip in the House of Lords. House of Commons
    Lord Roy Kennedy, opposition chief whip in the House of Lords. House of Commons

Ms Reeves spoke of the “five missions for a decade of national renewal” laid out by Labour leader Mr Starmer last week.

She detailed plans for 40,000 new NHS appointments every week, a Border Security Command to “smash the criminal gangs and strengthen our borders”, a publicly owned Great British Energy company, an antisocial behaviour crackdown and plans for 6,500 new teachers.

Mr Starmer has also tried to win over businesses to show the party can be trusted with the economy.

To a large extent, this seems to be working, given the attendance at a recent business summit convened by Labour in London, where senior party leaders, including Ms Reeves, spoke of a renewed and growing partnership with business.

Nonetheless, Ms Reeves' remarks about Labour being pro-worker and pro-business come after it faced a backlash over an apparent rebranding of its New Deal for Workers, with Britain’s largest trade union Unite warning the party must “stick to its guns” on workers’ rights.

Labour insisted it had not watered down its commitments and said the proposals had followed an agreement with the unions.

The Conservatives have argued that Labour’s proposals would cost jobs and place unnecessary burdens on businesses, but the opposition has claimed good businesses will welcome the plans.

Treasury chief secretary Laura Trott said Labour would “tie businesses in red tape”.

“The bosses of Asda, Marks & Spencer, Currys and the Confederation of British Industry have all warned that Labour’s French-style union laws risk damaging the economy, costing jobs,” Ms Trott said.

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 ($2,675) on hardworking families.”

Britain's Labour Party through the years - in pictures

  • Labour leader Keir Starmer celebrates winning the UK general election with a speech at Tate Modern in central London in July. All photos: Getty Images
    Labour leader Keir Starmer celebrates winning the UK general election with a speech at Tate Modern in central London in July. All photos: Getty Images
  • Deputy Labour leader Angela Rayner, and Mr Starmer meet party supporters in Harlow in May
    Deputy Labour leader Angela Rayner, and Mr Starmer meet party supporters in Harlow in May
  • London Mayor and Labour incumbent Sadiq Khan, and his wife Saadiya Khan, pose with supporters after Mr Khan was re-elected in May
    London Mayor and Labour incumbent Sadiq Khan, and his wife Saadiya Khan, pose with supporters after Mr Khan was re-elected in May
  • Mr Starmer meets and greets supporters in Chatham in 2023
    Mr Starmer meets and greets supporters in Chatham in 2023
  • Then-party leader Jeremy Corbyn during a 2017 visit to Oxford
    Then-party leader Jeremy Corbyn during a 2017 visit to Oxford
  • First minister of Scotland Nicola Sturgeon, left, and leader of Scottish Labour Kezia Dugdale place roses at a memorial for murdered Labour MP Jo Cox, in Glasgow in 2016
    First minister of Scotland Nicola Sturgeon, left, and leader of Scottish Labour Kezia Dugdale place roses at a memorial for murdered Labour MP Jo Cox, in Glasgow in 2016
  • Labour leader Ed Miliband, sixth right, holds his first shadow cabinet meeting at the House of Commons in 2010
    Labour leader Ed Miliband, sixth right, holds his first shadow cabinet meeting at the House of Commons in 2010
  • Newly elected Labour prime minister Tony Blair stands on the steps of No 10 Downing Street with his wife Cherie in 1997
    Newly elected Labour prime minister Tony Blair stands on the steps of No 10 Downing Street with his wife Cherie in 1997
  • Mr Blair, John Prescott and Gordon Brown at the Labour Party Conference in 1997
    Mr Blair, John Prescott and Gordon Brown at the Labour Party Conference in 1997
  • Former leader Neil Kinnock, left, shares a joke with Peter Mandelson, a key figure behind the party's 1997 general election landslide victory, at the party conference in 1997
    Former leader Neil Kinnock, left, shares a joke with Peter Mandelson, a key figure behind the party's 1997 general election landslide victory, at the party conference in 1997
  • Leader John Smith addresses a miners' rally in Hyde Park, London, in 1992
    Leader John Smith addresses a miners' rally in Hyde Park, London, in 1992
  • Mr Kinnock with a group of youngsters publicising Labour's jobs And industry campaign in 1985
    Mr Kinnock with a group of youngsters publicising Labour's jobs And industry campaign in 1985
  • BBC TV coverage of the October 1974 general election, with Labour prime minister Harold Wilson and his wife Mary visible on a screen in London
    BBC TV coverage of the October 1974 general election, with Labour prime minister Harold Wilson and his wife Mary visible on a screen in London
  • Mr Wilson, left, and Labour politician Tony Benn speaking at a press conference during the 1974 general election campaign
    Mr Wilson, left, and Labour politician Tony Benn speaking at a press conference during the 1974 general election campaign
  • Barbara Castle speaking at the Labour Party Conference in 1969
    Barbara Castle speaking at the Labour Party Conference in 1969
  • Mr Wilson waving outside No 10 in 1964
    Mr Wilson waving outside No 10 in 1964
  • Mr Wilson, left, with deputy leader George Brown in 1963
    Mr Wilson, left, with deputy leader George Brown in 1963
  • A campaign poster issued by the Labour Party depicting leader Hugh Gaitskell arm-in-arm with Barbara Castle and Aneurin Bevan in 1959
    A campaign poster issued by the Labour Party depicting leader Hugh Gaitskell arm-in-arm with Barbara Castle and Aneurin Bevan in 1959
  • Party leader Clement Attlee with a Labour delegation, boarding a plane on their way to China in 1954
    Party leader Clement Attlee with a Labour delegation, boarding a plane on their way to China in 1954
  • Mr Attlee and his wife Violet attending a film premiere in London in 1952
    Mr Attlee and his wife Violet attending a film premiere in London in 1952
  • Members of the Labour cabinet at No 10 in 1929: Clockwise from top left: Tom Shaw, Arthur Greenwood, Noel Buxton, Sidney Webb, Arthur Henderson and prime minister Ramsay MacDonald
    Members of the Labour cabinet at No 10 in 1929: Clockwise from top left: Tom Shaw, Arthur Greenwood, Noel Buxton, Sidney Webb, Arthur Henderson and prime minister Ramsay MacDonald
  • Mr MacDonald addressing a Labour victory meeting at the Royal Albert Hall, London, in 1924
    Mr MacDonald addressing a Labour victory meeting at the Royal Albert Hall, London, in 1924
  • From left, Mr Henderson, William Brace, William Adamson, Vernon Hartshorn and James Henry Thomas outside Unity House during a coal workers' strike, in London, 1920
    From left, Mr Henderson, William Brace, William Adamson, Vernon Hartshorn and James Henry Thomas outside Unity House during a coal workers' strike, in London, 1920
  • Scottish Labour politician James Keir Hardie addressing a peace meeting in Trafalgar Square, London, in 1914
    Scottish Labour politician James Keir Hardie addressing a peace meeting in Trafalgar Square, London, in 1914
  • Mr Hardie speaks at a tailors' rally on May Day in Hyde Park, London, in 1912
    Mr Hardie speaks at a tailors' rally on May Day in Hyde Park, London, in 1912
THE BIO

Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old

Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai

Favourite Book: The Alchemist

Favourite quote: Failing to prepare is preparing to fail

Favourite place to Travel to: Vienna

Favourite cuisine: Italian food

Favourite Movie : Scent of a Woman

 

 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

FULL%20FIGHT%20CARD
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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

Bio

Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind. 
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Series result

1st ODI Zimbabwe won by 6 wickets

2nd ODI Sri Lanka won by 7 wickets

3rd ODI Sri Lanka won by 8 wickets

4th ODI Zimbabwe won by 4 wickets

5th ODI Zimbabwe won by 3 wickets

The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Opening Premier League fixtures, August 14
  • Brentford v Arsenal
  • Burnley v Brighton
  • Chelsea v Crystal Palace
  • Everton v Southampton
  • Leicester City v Wolves
  • Manchester United v Leeds United
  • Newcastle United v West Ham United
  • Norwich City v Liverpool
  • Tottenham v Manchester City
  • Watford v Aston Villa
The biog

Hometown: Cairo

Age: 37

Favourite TV series: The Handmaid’s Tale, Black Mirror

Favourite anime series: Death Note, One Piece and Hellsing

Favourite book: Designing Brand Identity, Fifth Edition

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)

Rajasthan won by 10 runs (D/L method)

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

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Star%20Wars%3A%20Ahsoka%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Various%20%3Cbr%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Rosario%20Dawson%2C%20Natasha%20Liu%20Bordizzo%2C%20Lars%20Mikkelsen%20%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%0D%3Cbr%3E%3C%2Fp%3E%0A
Updated: May 28, 2024, 2:32 PM