Commenting on the election of Jeremy Corbyn as Leader of the Labour Party, Simon Walker, director general at the Institute of Directors said: “The IoD congratulates Jeremy Corbyn on his selection as leader of the Labour Party.
“It is no secret that business has not always seen eye-to-eye with the new leader of the Opposition. From renationalising the railways, to raising taxes on businesses and increasing government spending, Mr Corbyn has proposed some policies in the leadership campaign that we believe would undermine our open and competitive economy.
“Politicians and business leaders are never in perfect agreement on how the economy should be managed, irrespective of who is in Government, and who in Opposition. We will continue to engage with Labour honestly and directly on behalf our members, who represent businesses large and small across the UK, and hold a variety of political views.
“When Jeremy Corbyn outlined his vision for the future in The Economy in 2020, he said that ‘wealth creation is a good thing’. We agree, and hope to work with him on the big economic challenges the UK faces, such as improving the productivity and skills of the workforce.
“There are important ongoing debates on state investment in infrastructure, how to tackle examples of excessive pay at big companies, and how to increase diversity in senior management. Businesses will make their case sincerely on these issues, and we very much hope the Labour party will be prepared to listen.”