Rachel Reeves and Ed Miliband Fight Big UK Companies – But It Could Hurt Everyone
Rachel Reeves, the Chancellor, talks about boosting economic growth but is accused of making decisions that hurt it. Recently, pharmaceutical company AstraZeneca canceled plans to invest £450 million in a vaccine manufacturing plant in Speke, Merseyside, because of her actions.
Last year, former Chancellor Jeremy Hunt had agreed to a deal with AstraZeneca, offering £90 million to support the project. However, Reeves spent months trying to reduce this amount to £40 million. Frustrated by the delay and the lower offer, AstraZeneca decided to pull out of the project.
AstraZeneca’s CEO, Pascal Soriot, had previously said the plant was ready to go ahead. Jeremy Hunt called the cancellation a “massive own goal,” pointing out that Reeves’ attempt to save £50 million cost the country £450 million in investment and high-quality jobs.
This is another embarrassment for Reeves, especially since she recently praised AstraZeneca as a key player in the life sciences sector—just two days before the company canceled its plans.
Meanwhile, Labour’s Energy Secretary, Ed Miliband, is also causing problems for British businesses. He has blocked major energy projects like the Jackdaw gas field and Rosebank oil field, which are led by Shell, the UK’s second-largest company. These projects could have created thousands of jobs, boosted energy independence, and raised billions in taxes.
Miliband’s actions are pushing Shell to consider moving its stock listing to the New York Stock Exchange, where it would likely get a better reception and higher valuation. Losing Shell would be a huge blow to the UK’s reputation as a business-friendly country.
Miliband seems more focused on his “clean energy superpower” goals than supporting the economy. Together, Reeves and Miliband are seen as damaging the UK’s economic growth with their policies, driving away investors and hurting businesses.
As a result, companies are cutting jobs, and many are facing financial difficulties. Instead of growth, their actions are causing economic harm, and the public will ultimately pay the price.
