The Labour Party hosted a ‘British Indian Business Reception’ on 3 June 2024 followed by an interaction with senior leaders of the party in the presence of several businesses, industry, trade and financial associations. The Labour Party showed its determination to strengthen the bilateral relationship between India and the UK and to put the pending Free Trade Agreement (FTA) on fast track. British Indian businesses were hailed as the ‘living bridge’ between Britain and India.
Jonathan Reynolds, Shadow Secretary of State for Business and Trade, Lab/Co-Op Candidate for Stalybridge, Hyde, Mossley, Longdendale & Dukinfield said, “The relationship between India and the UK is very important, we will inherit the talks around the trade deal. We think there is a huge potential in the trade deal and we want to see it succeed. It's going to be a good deal through the Labour Party. India is very important to us, the first trade foreign trip I took as a Shadow Secretary for Business and Trade was to India. Our bilateral relationship with India is incredibly strong and meaningful for every part of the UK.
“We have a practical and tangible way for the single market. Our plans are ready to launch a cutting-edge trade and investment strategy for increasing UK exports, securing imports, and growing investment, to maximise the UK’s competitive advantage, growth and productivity, boosting employment. We will deliver a Net Zero Investment Plan to secure the UK’s standing as a world leader in green growth, fostering investment opportunities so firms want to invest and grow in the UK. Success can create jobs, provide greater energy security and efficiency, lower energy costs, increase tax receipts, fund public services and help avert a climate emergency. We will unlock the power of UK regions for aligning industrial and trade strategy with the transformative role of UK Mayors, via a new industry-partnered Mayoral Economic Compact launching on 17 July 2024.”
He further added, “When we say change, we mean it. We can deliver the change and we are serious about it because we have changed ourselves.”
Seema Malhotra, Shadow Minister for Skills and Labour and Co-operative candidate for Feltham & Heston said, “We all know it's time for change. When you look at the damage the Tories have done to our country, the way living standards have fallen, the way infrastructure is tumbling, the long wait for the NHS, Schools are tumbling along with the challenge of price rise and poverty; you know the things are going wrong. This election is one of hope, and change. It recognises that there is a choice to select- continued chaos of Tory or the change with the Labour Party.
“We strongly believe in working in partnership with businesses. So much investment in our country has been held back because the government stopped governing. Decisions were no longer made. No industrial strategy, no plan for growth. Now there is a chance to rebuild Britain.
“That’s why Keir has decided to tackle barriers into opportunities as one of our five missions of the government. Building a skilled nation is not going to happen without a plan for long-term dealing. We are working with our communities on how we are going to meet the needs of the future and create opportunities for all. We are going to reform the apprenticeship level to give flexibility needed to businesses. We will work with the industry extremely closely to make sure that we have the qualifications and opportunities we need. We will strengthen the crucial relationships between our education system, business and industries. That is the biggest area of transformation. Our schools and colleges have struggled under the Tories. Adult learners are halved, and small and medium-sized business apprentices dropped by 49% in the last 6 years. It’s a record of failure.”
Seema further said, “I am grateful that British Indian industries are not only creating jobs and supporting our economy but they are also part of that living bridge between Britain and India. India is an important trading nation for us, which is set to become the third-largest economy in the world. Our relationships with India through our diaspora communities are also important.”
Tulip Siddiq, Shadow Economic Secretary to the Treasury, and Labour candidate for Hampstead and Highgate said, “I conducted a financial services review to work on how we unlock the potential of the financial services sector to grow our economy. After 14 years of decline, it is very necessary now. We will use our financial services to grow our economy. We need certainty and continuity. We assure you that we won't make constant changes, which makes it very difficult for financial services and businesses to invest in our country. One is our absolute ambition for transition to Net Zero. We are not able to do that if we are not having investments from partners like India. We want to have a global standard for AI in financial services. We want investors from India to come here.”
Senior party leaders Gareth Thomas, Virendra Sharma, Rajesh Agrawal, Krupesh Hirani AM, Primesh Patel, Krish Raval OBE, Chair Labour Indians Movement, Cllr Shama Tatler, Cllr Sunny Brar, Hersh Thaker, Uday Nagaraju, Deirdre Costigan, Vidhya Alkesan, entrepreneurs Bharat Shah and Koolesh Shah, Sam Patel and Oshwal community members were some of the key guests invited to the reception.
