Ed Miliband would be a 'catastrophe' warns business leader

Ed Miliband would be a "catastrophe" for Britain, according to the billionaire acting chief executive of Walgreens Alliance Boots, Stefano Pessina.

He added that the Labour leader's plans were "not helpful for business, not helpful for the country and in the end it probably won't be helpful for them".

Mr Pessina, who oversaw the £46 million merger of Alliance Boots with American firm Walgreens and is now its acting chief executive, told The Sunday Telegraph, Labour's plans for the country would be damaging.

He said: "If they acted as they speak, it would be a catastrophe. The problem is would they act that way or not?

"One thing is to threaten and to shout but it is completely different to be in charge and to manage the country day to day."

Chancellor George Osborne was quick to seize on the comments. He said: "This is a clear warning from the head of one of Britain's biggest employers about the economic catastrophe the UK would suffer if Ed Miliband's policies were put into effect.

"The price of this catastrophe would be paid by families across the country who would see their jobs and incomes put at risk."

But a Labour spokesman responded: "Labour will cut and then freeze business rates for 1.5 million business properties including thousands of high street retailers.

"In this way we will grow the economy so that it raises living standards for the many and not just a few at the top."