Richard Walker, the chairman of food retailer Iceland, has publicly rated the UK's Labour government a 'six out of ten' for its performance since he switched his support to the party approximately a year ago.

In an interview with the Financial Times, Walker expressed that Labour needs to take more immediate action to assist firms making current investments rather than focusing heavily on long-term projects that may require decades to materialize.

Walker emphasized that an increase to national insurance contributions (NICs) set for April has significantly raised the cost of doing business for companies.

He also commented that large-scale infrastructure projects, including the expansion of Heathrow Airport and the construction of new building projects between Cambridge and Oxford, will not yield benefits for many businesses in the medium term.

'That third runway at Heathrow won’t be delivered in my lifetime,' he remarked.

In October 2023, Walker, who is the son of Iceland's founder Malcolm Walker, left the Conservative Party and renounced his aspirations to become a Member of Parliament due to what he termed its 'inability to deliver' and support business under then-Prime Minister Rishi Sunak.

By January 2024, Walker had shifted his endorsement to Keir Starmer and the Labour Party in anticipation of the upcoming July general election, citing Labour as the optimal choice for those in business looking for national economic growth and prosperity.

Notably, while he has expressed his support, he has not donated to Labour and is not a party member.

Labour’s tenure in government has been characterized by challenges, particularly after Chancellor Rachel Reeves faced backlash from the business community following the announcement that employers would incur a significant burden from the NICs rise, despite Labour having previously ruled out increases in income tax during their election campaign.

Walker indicated a desire for the government to reform the planning system to expedite construction processes—including the establishment of new Iceland supermarkets—to demonstrate Labour's commitment to stimulating economic growth.

Additionally, he called for a revision of business rates, which are taxes on property, asserting that such changes would allow businesses to focus on revenue growth and job creation.

Describing the need for inclusive economic growth, Walker stated, 'It’s just about inclusive growth and everyday growth.' He referenced the experience of the US Democratic Party in relation to economic strategies, noting that positive outcomes must manifest in the lives of ordinary people.

Furthermore, Walker advocated for a proactive economic message from the government, asserting that confidence is crucial for investment, which in turn fosters job creation and overall growth.

He also welcomed the prospect of enhanced trading relations with the EU, a shift hinted at by Starmer in recent weeks.

Although a prominent supporter of the 'Leave' campaign during the Brexit referendum in 2016, he acknowledged that his vision of the UK as a participant in a 'global free trade market' might have been 'naive'.

He stated, 'I welcome any steps they can take to reduce friction at our borders.'

Reflecting on his attempt to become a Tory parliamentary candidate, Walker humorously recounted receiving a brief text from former Prime Minister David Cameron upon news of his departure from the Conservative Party, which simply read: 'Really?'