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A billionaire backer of the Labour party has said the government\u2019s \u201cbusiness unfriendly\u201d policies have hit economic growth following another bleak release of data.<\/a><\/p>\n John Caudwell, the founder of Phones 4u, said Labour \u201creally need to change the tune of what they\u2019re doing\u201d to kickstart growth and appeal to businesses.<\/p>\n It follows the latest release from the Office for National Statistics (ONS) revealing the UK economy shrank 0.1 per cent in October as Brits braced for a tax raid in the Budget the month following.<\/p>\n Economists have pointed to the series of leaks on tax policy on the road to the fiscal statement in 26 November as hampering through growth by disrupting business investment and consumer confidence.<\/p>\n Caudwell was a vocal backer of the Labour party in the 2024 election, citing the \u201cfailures\u201d of the Conservative Party under the three prime ministers since 2019 and the \u201ctransformation\u201d of Labour under Sir Keir Starmer.<\/p>\n \t\tLabour Budget \u2018drove people out of UK\u2019<\/p>\n But, speaking to BBC Radio 4<\/a> on Friday, the billionaire said Rachel Reeves\u2019 first Autumn Budget was \u201cwealthy people unfriendly\u201d and had driven \u201ca lot of wealthy people out of the UK\u201d.<\/p>\n A study compiled by former Treasury economist Chris Walker in October found that 1,800 non-doms had relocated<\/a> since the government axed the non-domicile status in its first Budget. The figure was 50 per cent more than last year\u2019s Office for Budget Responsibility (OBR) predicitions.<\/p>\n Caudwell also took aim at the Employment Rights Bill, which was a part of the Labour manifesto.<\/p>\n \u201cI guess there was always a hope that it may not transpire,\u201d he said. \u201cThat is going to make Britain less competitive.\u201d<\/p>\n The Bill<\/a> \u2013 which was trumpeted by former Deputy Prime Minister Angela Rayner \u2013 has been ping-ponged between the Lords and Commons over the last year, with Labour making a number of concessions.<\/p>\n Shadow business secretary Andrew Griffith accused the Liberal Democrats of voting with Labour in the House of Lords on Wednesday night on the basis that the party received five peerages, as\u00a0also revealed<\/a> last night.<\/p>\n Despite his discontent with the government\u2019s policies, Caudwell added: \u201cI still support Labour because they\u2019re in power, they\u2019re going to stay in power, and we desperately need them to succeed, but they really need to change the tune of what they\u2019re doing.\u201d<\/p>\n \t\t\t\t\tRead more<\/p>\n