Re-elected as MP in Stalybridge and Hyde, by 4.40pm on Friday, Jonathan Reynolds, the shadow business and trade secretary, had been appointed to his cabinet equivalent role. A self-described ‘Christian socialist’ dad-of-four, who grew up Sunderland, Reynolds is set to become a central figure in a Labour government which seeks to prioritise economic growth, work in partnership with businesses, and improve Britain’s trading relationships.
But it’s clear Reynolds’ in-tray is already piling up with urgent issues. We take a look at a few of the day-one problems facing the new business secretary. Czech billionaire Daniel Kretinsky is hoping to buy Royal Mail and is weighing up whether to give staff a stake in the business if his offer is accepted .
His firm EP Group has written to shareholders of International Distributions Services (IDS), Royal Mail’s parent company, suggesting “a form of employee participation model” could “potentially” be on offer – and could include “profit-sharing” among staff. IDS’ board recommends shareholders accept Kretinsky’s offer of 370p per share offer, which is a 77 per cent premium on the closing price before EP Group’s interest was made public. Labour said in its manifesto that any proposed takeover would be “robustly scrutinised” and ensure “appropriate guarantees are forthcoming that protect the interests of the workforce, customers and the United Kingdom”.
In May, Reynolds wrote to EP Group, saying: “Labo.