Jeremy Corbyn
Jeremy Corbyn stated that the economic recovery had been uneven Reuters

Clamping down on tax evaders, stricter investment regulations and higher taxes for companies. It is clear that the new Labour leader Jeremy Corbyn has a clear view on his policies for business.

Some have claimed that Corbyn is anti-business, but after his election, the Confederation of British Industry, seen as 'the voice of business', said: "The country needs a strong opposition, and businesses will want to see the new Labour leader supporting a pro-enterprise agenda that will spur growth and create jobs across the UK."

There was not much space for business in this speech, with the new Labour leader striking a largely pessimistic tone on the economy. The recovery after the financial crash of 2008 has been difficult, but we would have liked to see more acknowledgement of the vital role the private sector has played in creating jobs and driving growth.
- Simon Walker, director IoD

Shadow chancellor John McDonnell's speech at the Labour party conference in Brighton on Monday (28 September) saw promises of making sure that corporations such as Google and Amazon paid their fair share of taxes.

IBTimes UK looked at what the business bodies are saying about Corbyn's speech on Tuesday (29 September), which showed his plans for the party and roughly set out his possible policies.

CBI director John Gridland commented:

"We share Labour's aim of ensuring the benefits of growth are spread more evenly across the UK, but we don't recognise Mr Corbyn's characterisation of the economy. While there's still more to do on exports, the recovery is more balanced than Mr Corbyn argues. It is not based on a house price-fuelled asset bubble, but on business investment, which is spurring stronger wage growth and rising living standards.

"Far from driving down wages, globalisation has in fact drawn many people around the world out of poverty, offering hope and opportunity.

"Areas of common ground with Labour include education for every child and housing for every family. But it is a thriving private sector that will generate the wealth needed to achieve Mr Corbyn's objectives and the CBI is ready to work with the Labour party on its policy review.

"Business wants to see a commitment to fiscal responsibility as getting down the deficit is vital to providing high-quality public services, and a recognition of the need to encourage an entrepreneurial Britain."

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John Longworth, who is the the director of the British Chambers of Commerce, said:

"Jeremy Corbyn is right to warn that Britain's economic recovery is unbalanced, and that our current account deficit must be a cause of national concern. Further, Corbyn is right to call for a more proactive approach to infrastructure investment and improved access to capital for growing companies, which are both essential to long-term growth.

"Businesses may share Jeremy Corbyn's diagnosis of some of the economic issues facing the United Kingdom, but disagree with his proposed cure.

"Business will not like the thought of an interventionist state propping up failing companies, re-nationalising utilities, dismantling parts of our defence industries, entrenching welfare dependency, or reforming education without tackling the real issue: preparing young people to make their way in the world of work.

"It is incumbent on the Labour Party to listen carefully to businesses of all sizes and get a thorough understanding of how the economy works as it develops its economic policies, to ensure that these serve the national interest, rather than partisan interests."

The Institute of Director's head Simon Walker commented on Corbyn's speech:

"While we are more positive about the UK's current economic performance, Jeremy Corbyn did identify several areas of concern that will chime with businesses. Improving our broadband infrastructure, stimulating manufacturing and building more houses are all goals we share. Only a few weeks into the job, we would not expect the new leader to be able to spell out the detail of his party's policies, but until he does, it will be hard to judge whether he has credible solutions to the problems.

"We welcome Mr Corbyn's recognition that the nature of work is changing, and that many people choose to become self-employed because they value the independence. Britain's start-up scene is booming, and Labour should be looking at ways to make it easier for entrepreneurs to get finance, such as by simplifying investment tax relief.

"Business leaders support deficit reduction, with over 85% of our members wanting to see the budget balanced by the end of the decade. The Labour leader emphasised the importance of protecting the economy from the next economic crisis, but this can only be done if government spending is brought under control.

"Party conference speeches are inevitably heavy on rhetoric and light on policy, but we hope to see more of a focus from the Labour leadership in future on the positive contribution of business. Mr Corbyn was keen to emphasise that values would underpin his policies. Business leaders also have values. We believe that competitive markets and innovative firms are the route to a successful economy and society."