Propel Morning Briefing

Luke Johnson – Labour manifesto a ‘very scary document

Sector investor Luke Johnson has criticised the Labour Party’s election promises, claiming they would threaten business growth.

Labour’s manifesto includes an increase in the minimum wage, a corporation tax hike and an “excessive pay levy” on salaries above £330,000.

Johnson described the manifesto as a “very scary document”, particularly the nationalisation plans and “sharp” increases in public spending and tax.

He said: “As far as I can see there’s a lack of real calculations in how it should all be funded and I think it would be very discouraging for those who are prepared to grow business to have these extra burdens and controls imposed.”

Theresa May’s policies were more likely to stimulate growth, he added.


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