Business is ‘right to be worried’ by Reform UK, warns Labour’s Liam Byrne
British businesses have the right to worry about the rise of Reform UK and should demand more scrutiny of the group’s economic plans, according to Liam Byrne, chairman of the Labor of the House of Commons Business and Trade select committee.
In an interview he had with the Times, Byrne said that if Reform can have great political power, companies will have to take a closer look at its policies and credibility. He warned that businessmen will not be able to be complacent if they are faced with a group that is not yet clear on how they use their economy.
“If Reform is going to be the leading rights group, then businesses will need to understand where they are coming from,” Byrne said. “Especially if the economic evidence says that the officials who rule the people, the interventionists are very dangerous to the economy. The next year or two will be very important for businessmen in strengthening the reality of the Reformation.”
His comments come at a time when Reform UK is polling strongly and increasing its engagement with British business, as both Labor and the Conservatives seek to rebuild investor confidence after years of economic stagnation.
Reform, led by Nigel Farage, has begun courting business leaders in earnest, although some bosses remain cautious. In November, the party’s policy chief, Zia Yusuf, took part in an executive question-and-answer panel at the Confederation of British Industry’s annual conference, an appearance widely seen as an attempt to show openness to the scrutiny of corporate leaders.
The deputy leader of the group, Richard Tice, will deliver a speech at the City Investors event in January organized by VSA Capital, where he is expected to present Reform’s view on financial policy and the economy in general. The event was billed as an opportunity for investors, businesses and policy makers to engage at a “crucial time” for the UK economy.
Byrne said many of the business leaders he spoke to were liberal. He described them as “properly alarmed” by the prospect of Reform gaining power, saying the global economic situation was already fragile without further uncertainty from a party whose spending plans remain unclear.
“A new party like Reform has unclear spending plans,” he said. “There are a lot of questions about whether this will be Liz Truss’ second sign.”
The revolution rejected that definition. Tice said in a statement that both Labor and the Conservatives had “broken the public purse” and left the economy in a worse position than before the 2024 general election. He pointed out that the Reform approach will restore the behavior of the public, reduce the cost of borrowing and remove what he described as unnecessary regulations.
“The only change that will bring government spending under control is to lower the country’s borrowing costs,” Tice said. “We’re also going to cut some of the most unnecessary regulatory restrictions that slow growth and raise the cost of living. Then, after that, we’re going to cut taxes to encourage growth.”
For Byrne, however, the message to business leaders is clear. With the growing influence of Reform, he believes that companies should press the party more on the details of its promises, rather than accepting broad slogans in a practical way.
