A billionaire backer of the Labour party has said the government’s “business unfriendly” policies have hit economic growth following another bleak release of data.

John Caudwell, the founder of Phones 4u, said Labour “really need to change the tune of what they’re doing” to kickstart growth and appeal to businesses.

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.

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.

Caudwell was a vocal backer of the Labour party in the 2024 election, citing the

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