0:00
I think large parts of the business
0:01
Community are discovering that the labor
0:05
party the labor party in government
0:07
simply does not understand their world
0:09
in the election campaign labor made an
0:11
extraordinary claim they said that they
0:13
would form a government that would be
0:14
the most Pro business government this
0:17
country had ever seen it was a hell of a
0:19
claim and I think it's fair to unpick
0:22
that now and see if it Stacks up against
0:24
their policies I think the fundamental
0:27
uh issue when we're looking at Labor's
0:29
relationship with business is that they
0:31
believe in a partnership between the
0:34
private sector and the state that's how
0:36
they think about business and they're
0:38
very comfortable with big Global
0:41
infrastructure projects long scale large
0:44
scale investment projects Global Pension
0:46
funds putting money into Data Centers
0:48
and wind farms that's what they think
0:50
business is and it is an important part
0:52
business there are lots of other parts
0:55
of business um including plenty which
0:57
are being mistreated by this government
1:00
uh seen as a cash cow taxed uh an
1:03
increase in regulation in labor costs in
1:05
direct taxation to fund Labor's if you
1:09
like Natural Area of activity which is
1:11
the public sector it Remains the case a
1:14
fundamental truth whichever party is in
1:16
power that on the whole and certainly in
1:19
aggregate if you like the private sector
1:22
in our economy will fund the public
1:25
sector of our economy that's the way it
1:27
goes where does tax revenue come from
1:29
from the private sector now I know that
1:32
there's Nuance I know it's complicated I
1:33
know that there are public private
1:35
Partnerships I know that the private
1:37
sector relies like we all do on a
1:39
functioning public sector I understand
1:41
the relationship perfectly well between
1:43
these two parts of our economy and some
1:45
people say it's not helpful to divide
1:47
them in these binary terms but when it
1:49
comes to this government in particular I
1:51
think that division is very real the
1:53
private sector is seen as an entity to
1:55
be taxed in order to fund increased
1:58
spending and activity in the public
1:59
sector and I think labor are making a
2:01
mistake I think it's been made very
2:03
clear by huge employers look at the
2:05
likes of Tesco the largest private
2:08
sector employer in this country several
2:10
hundred thousand staff are now telling
2:12
the government uh or rather the
2:14
government is being told by people who
2:16
understand this world that the National
2:18
Insurance contribution Rises of the
2:20
announced in the budget are going to add
2:23
a billion pounds over the course of this
2:25
Parliament to Tesco's costs now they
2:28
don't have that money down the back of a
2:30
they just don't something's going to
2:31
give it's going to give in the way of
2:33
higher prices they're going to squeeze
2:35
suppliers there's going to be a knock on
2:37
effect of consumer confidence all these
2:39
things actually complicate and dampen
2:43
business activity and consumer
2:44
confidence which are very closely
2:46
related and I think a lot of the
2:48
government's tax policies are going to
2:49
make life very difficult for a lot of
2:51
people a lot of people are making the
2:53
observation that nobody around the
2:55
cabinet table has started a business
2:58
it's not to say there's no private
3:00
sector experience there the experience
3:02
that is there is largely in the form of
3:03
people who have been lawyers nothing
3:05
wrong with that we all need lawyers but
3:07
I worry that this government focuses on
3:11
big business big investment projects big
3:14
partnership schemes which is the world
3:15
it's more comfortable with and I don't
3:17
think it understands the life of
3:19
somebody who employs 10 people but wants
3:22
to employ 12 and who now won't be able
3:24
to I worry that they don't understand
3:28
the life and the reality and the
3:29
hardship and the heartache very often
3:31
around the kitchen table that people who
3:33
are trying to build businesses whether
3:35
it's a restaurant or a tech startup
3:37
really contend with and I think they
3:40
need to listen to people who know what
3:42
they're talking about this is a
3:43
government who have put economic growth
3:46
and job creation at the very heart of
3:49
their reason for being and I think they
3:52
have to realize that a lot of the
3:53
policies they're pursuing and have
3:55
announced will undermine perhaps fatally
3:58
those two Noble and important objectives
4:01
job creation and economic growth they
4:03
are making it harder for jobs to be
4:05
created they are making it harder for
4:07
employers to manage any sense they have
4:10
of expansion they are making it more
4:13
expensive more difficult more
4:15
complicated to create jobs in this
4:17
economy for more analysis on this and
4:20
many other topics go to
4:22
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4:25
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4:27
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4:29
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