London party

Labor to announce review to ensure list of more start-ups in London

Wednesday, June 15, 2022 10:30 p.m.

HUDDERSFIELD, ENGLAND – MAY 04: Labor leader Sir Keir Starmer and Shadow Chancellor of the Exchequer Rachel Reeves take part in a local election campaign tour next to the statue of former Prime Minister Harold Wilson outside Huddersfield station on May 4, 2022 in Huddersfield, England. (Photo by Christopher Furlong/Getty Images)

Labor will launch a review tomorrow that aims to ensure the UK is the best place in the world for start-ups, with the party keen to go public more in London.

Shadow Chancellor Rachel Reeves has hired former Conservative Treasury minister and renowned economist Lord Jim O’Neill to “explore how to ensure that start-ups can thrive and grow in Britain, to boost jobs, investment and economic growth across the country”.

This will include looking at how to increase access to capital, incentives for business growth in the UK and how to boost diversity among entrepreneurs.

It comes after a series of British tech unicorns decided in recent years to float in New York above London, including car retailer Cazoo and electric vehicle maker Arrival.

Reeves said the “small number of start-ups listed in the UK and the stubborn obstacles preventing many of them from scaling up” was a “genuine worry”.

O’Neill said: “The more all political parties support the start-up ecosystem for the UK, the more they become entangled in the DNA of political thinking for the future.”