Responding to the Shadow Chancellor, John McDonnell MP, Dr Adam Marshall, Acting Director General of the BCC, said:

“John McDonnell talks of an ‘interventionist’ future Labour government, but needs to remember that there’s both good intervention and bad intervention. Good intervention creates the conditions for all businesses to thrive, but bad intervention ensnares them in red tape and makes them less inclined to employ, train or invest.

“Businesses would welcome a massively expanded infrastructure programme because it helps get the fundamentals right, but their confidence would be undermined by a wave of new regulation and compliance regimes.

“As the Labour Party develops its alternative economic proposals, it must remember that the state cannot control every aspect of economic or business life and stay competitive in a global economy. We need to be making the UK the most attractive place to hire, invest and do business for the future, particularly given the historic transition we now face.

“Achieving the shared goal of a prosperous Britain requires meaningful partnership between business and political parties. Neither should be dictating to the other.”