For decades, the Tories were seen as the custodians of business. New Labour worked hard to charm the City in the run up to 1997 but things went a bit tits up during the Corbyn years. However, Labour was afforded a golden opportunity to recouple when, in 2018, Boris Johnson declared “f*** business” — which many leaders firmly believe he did, especially on Brexit. Then came the turmoil of the short-lived Truss era.
Labour has been working overtime to capitalise on all this since Rachel Reeves became shadow chancellor. She and her team have been wooing captains of industry with what they call their “prawn cocktail offensive 2.0” — an homage to the City love-bombing Tony Blair and Gordon Brown did in the run up to 1997.
Reeves is immensely well respected and knows her onions, having been a Bank of England economist. A measure of success for Labour is that its business events — once sad little affairs, often with more trade union representatives than industry figures — are now jam-packed at sold-out conference halls, buzzing with chief executives and big names. But does this mean that we’re seeing full-on socialism and the City? There’s certainly a lot of heavy flirting, but things aren’t exclusive yet.
I do a lot of work with business. At a recent event I hosted the mood was very positive towards Keir Starmer and, to be fair, towards Jeremy Hunt — who many business leaders genuinely respect for having calmed things down since the mini-Budget.
The general impression I pick up is that while business is open to Labour, it wants to start seeing the fine print. It knows Sir Keir and Reeves want the highest sustained growth in the G7, but how are they going to deliver it? Particularly with huge labour shortages and Labour wanting to get net immigration down. Labour has talked tough about business weaning itself off “cheap overseas labour” which is the last thing many in retail and hospitality want to hear.
Business also wants to know about Labour’s tax and spend plans. These won’t be revealed for a while, but legitimate questions are being asked about how all the sums will add up. Will Labour be able to commit to its ambitious £28 billion green economy plan? And after the Truss era, business wants to know a direction of travel — no one wants to see the markets get spooked in any way. Labour needs to roll the pitch properly for big ideas.
And business also wants to better understand how Labour will balance its competing stakeholders, including trade unions. But the best union leaders want businesses to do well and likewise, good bosses want a happy and productive workforce.
After the pain of Brexit and all the political and economic instability over the years, it’s welcome that Labour is resetting its relationship with business. But it also needs to be honest about what lies ahead. Business doesn’t just want the prawn cocktail starter; it wants some policy meat too.
Jennifer, you and I are one and the same
Turns out Jennifer Aniston and I have something in common — apart from our shared ex, Brad Pitt. We’ve both recently done our backs in, although I suspect hers occurred in a slightly more glamorous way than mine, bending over to pick up a couple of heavy Sainsbury’s bags for life. Aniston revealed this (along with a gleaming, chiselled set of abs in a crop top) for a new fitness partnership with Pvolve.
She claims her new routine has helped strengthen and restore her body, adding: “As we get into our lovely older periods, we have to keep it exciting. And we have to be kinder to our bodies.” I agree. That’s why I’ve now set up an Ocado delivery. I’ve actually been inspired by Aniston and have enlisted a personal trainer who specialises in slightly more mature women. Although I’m a tad nervous because apparently she used to train Sally Gunnell. I know … that’s like going from a racehorse to an arthritic donkey. Pray for me. And her.
