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/ FT.com News in depth / UK election build-up - Labour party of the economy' says Blair Friday Apr 15 2005 . All times are London time. Roger Bove Edit Profile Take a Tour Log out HomeWorldUSUKEuropeAsia-PacificMiddle East & AfricaAmericasInternational economyBrussels briefingNews headlinesNews in depthBusinessMarketsMarkets & funds dataIndustriesLexComment & analysisTechnologyBusiness lifeYour moneyArts & WeekendSportJobs & classifiedsIn today's FT FT ReportsCreative BusinessFTfmFT-ITWorld reportsBusiness Reports Partner sites Chinese.FT.com FT Deutschland Les Echos The New York Times Vedomosti Investors Chronicle News in depth / UK election build-upPrint article | Email article Labour party of the economy' says Blair By James Blitz in London Published: April 14 2005 21:09 | Last updated: April 14 2005 21:09 Tony Blair on Thursday unveiled Labour's central economic case for a third term, pledging that tax and spending plans would not put at risk the competitive nature of the UK economy . After repeatedly attempting to demolish the Conservatives' economic plans, the prime minister sought to woo British business with a defence of Labour's own prospectus, arguing that it was the party of wealth creation and that the UK had reached a tipping point on regulation, beyond which further strictures could be self-defeating . But despite the strong fears of business leaders that a third term Labour government would raise new taxes on enterprise, Mr Blair again refused to state clearly whether taxation and spending could rise as a proportion of national income. Mr Blair relied on a more sweeping argument which cast Labour as having permanently seized the mantle of economic competence from the Conservatives. He declared that his party, unlike the Tories, grasped that government was vital to boost both enterprise and the knowledge economy if the UK was to meet the challenges posed by Asian rivals. It was, he added, a sign of the complete transformation of British politics that we can claim to be the party of the economy and they [the opposition] are the threat . Labour was committed to strong encouragement of enterprise, but the political right must also accept that flexible markets alone don't create wealth in the knowledge economy . Government had a vital role to play investing in human capital and developing it to its fullest extent . Mr Blair focused on the challenges facing business only a day after publishing Labour's manifesto. opinion An poll by MORI for the Financial Times this week showed nine out of 10 finance directors believe Labour will raise taxes on business if it wins. Nearly half believe the Conservatives have the best economic policies. Mr Blair had plenty of warm words about regulation. There are real concerns about how we get the right regulatory framework [for the City of London] for the future, he said. About red tape, a principal bugbear of business, he added: I believe we may have reached a tipping point where new regulations in many areas are self-defeating. But Labour in the last two days has failed to provide any definitive assessment of the UK taxation outlook. The manifesto did not rule out national insurance increases for employers and employees to fund existing spending commitments. Mr Brown is determined to rely on his fiscal rules as the guiding principle for taxation and spending rather than indicating where the ceiling for public expenditure might be in the long term. EMAIL ARTICLEPRINT ARTICLEMOST POPULAR Blair guarded on business tax Apr 15 2005 10:59 Apr 14 2005 22:18 Apr 14 Labour apologises for police murder Philip Stephens: Britain's battlelines redrawn by fear 2005 21:04 Tory cuts threaten defence, alleges Hoon Apr 14 2005 20:15 Apr 14 Blair accentuates the positive after opening attacks 2005 19:57 Labour the party of wealth creation says Blair 15:48 UK election home Comment & analysis Business Essential guide Apr 14 2005 Search & quotes News Quotes Power search My portfolio Poll tracker Latest opinion poll results Policies compared Where the main parties stand on the big issues Zero Five Election weblog The key players Leading politicians profiled News by email Sign up for weekly updates Tales from the trail FT reporter s blog Online poll Will you vote on May 5? Robert Shrimsley Postal ballot fraud? No worries Philip Stephens Britain s battlelines redrawn by fear James Blitz Blair's legacy and Brown's inheritance fused together Matthew Engel Refusing to be cowed despite signs of wobble Background UK election 2001 = requires subscription to FT.com HomeWorld | Business | Markets news | Markets & funds data | Industries | Lex | Your money Comment & analysis | Reports | Arts & Weekend | Sport | In today s FT | Media inquiriesContact us | Help Copyright The Financial Times Ltd 2005. "FT" and "Financial Times" are trademarks of the Financial Times. Privacy policy| Terms| Advertising| Corporate

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