LONDON

The U.K.’s Labour Party on Tuesday won the backing of 120 business leaders, in a timely boost as it bids to oust the ruling Conservatives in the upcoming general election.

The coalition of CEOs and other senior figures, which includes some well-known names from British business, said in a joint letter that it was “time for a change.”

The grouping argued the U.K. economy had been “beset by instability, stagnation and a lack of long-term focus” and the country lacked “the skills and infrastructure it needs to flourish.”

“Labour has shown it has changed and wants to work with business to achieve the U.K.’s full economic potential,” the letter published in The Times stated.

“We should now give it the chance to change the country and lead Britain into the future.”

Its signatories include senior figures in various industries, from banking and advertising to retail and technology.

The endorsement comes with Labour at pains to show it has moved decisively away from a less business-friendly period under former leftist leader Jeremy Corbyn.

He presided over the party’s worst election result in decades in 2019, and quit as leader the following year.

The Conservatives, in power for 14 years, have typically been more trusted by Britain’s business community, but have seen that reputation dented in recent years following Brexit and other controversies.

Prime Minister Rishi Sunak called the July 4 election with the Tories lagging well behind Labour in the polls.

His campaign has made a faltering start, with a post-WWII record number of its MPs announcing they will not run and signs of infighting erupting into public view.

UK, Elections,