Long-time City resident, Lord Rose, expresses shock and disappointment over the slow progress observed in the city under Labour administration.
New Spin on an Old Argument
Into the fray of political debate strides former M&S chief and current Asda co-boss, Stuart Rose. He's none too pleased with Labour's lackluster approach to economic revitalization, labeling it a dismal failure, despite Chancellor Reeves' promises of swifter growth.
Reeves claimed her £40bn tax blitz in last year's budget was a one-time deal, with fresh policies on welfare and pension fund reforms on the horizon. These reforms are designed to rouse sleepy Brits from the sidelines and release a flood of investments into domestic assets.
But Rose, renowned for transforming Retail titans like Argos and M&S, bemoans the government's handling of the economy, likening it to a renaissance-era grandmaster bungling a game of chess. "I did genuinely wish the Labour government well," he told ITV's Peston, "but fourteen Tory years in power left me deeply disappointed, and now, nearly one year in, I'm downright horrified."
"No Clear Exit Strategy..."
Rose painted a bleak picture, citing the persistent burden of debt, sluggish growth, despondent morale, and, most crucially, "a lack of investment – something we desperately need." He expressed doubt, "I don't see any clear pathway to a redeeming solution at the moment."
The Bank of England deemed the recent quarterly growth of 0.7% a misleading beacon, describing it as "unreliable" in their recent monetary policy report. Leading economists surmised that companies possibly boosted spending to outrun Trump's tariffs, as Capital Economics' Paul Dales put it.
The think tank Looking for Growth noted that real GDP per capita had shrunk by 0.9% between late 2019 and 2024, with a slight uptick in productivity during the first three months of 2025. They warned against complacency, advising that the UK should strive for more.
The Office for National Statistics revealed that wholesale retail was a major contributor to this growth, with services close behind. However, retailers brace for the onslaught of Trump's tariffs and the Labour government's flagship Employment Rights Bill, currently in the House of Lords, which could undercut street shops and supermarkets with a slew of proposed amendments.
The Bitter Pill of Change
Retail heavyweights fear that the Labour government's workers' rights reforms, championed by Angela Rayner, would harm businesses.lord Rose himself called the bill a "cold medicine" for businesses, "kick[ing] them up the rear."
The British Retail Consortium asserts that the majority of major retailers view Rayner's worker rights reforms as a drain on their resources, threatening their viability. The rancorous tussle between business interests and progressive labor policies continues to shape the economic and political landscape, as the nation grapples with the unfolding consequences.
- Stuart Rose, expressing concern over the Labor government's economic policies, compares their handling of the economy to a grandmaster bungling a game of chess.
- In the ongoing debate about policy-and-legislation, the upcoming Employment Rights Bill, championed by Angela Rayner, is causing unease among retailers, who view it as a 'cold medicine' that could harm their businesses.
- The Bank of England has expressed doubts about the recent economic growth, describing it as 'unreliable' in their monetary policy report.
- Amidst the general-news of economic revitalization, the insurance and finance sectors closely watch the tussle between business interests and progressive labor policies, aware of the potential impacts on markets and taxes.
