UK entrepreneurs see Labour as ‘party of business’, survey finds
Entrepreneurs in the UK see Labour as the ‘party of business’, according to a survey of more than 500 business leaders.
The report from think tank The Entrepreneurs Network and law firm Mishcon de Reya concluded business founders believe Labour politicians best understand the needs of their firms.
It comes after last month’s Labour party conference attracted high interest from business as shadow chancellor Rachel Reeves ruled out a wealth tax and shadow business secretary Jonathan Reynolds addressed a new SME Sunday event for small and medium-sized firms.
A total of 43 per cent of respondents agreed Labour Party politicians understood what their businesses need to succeed, against 26 per cent who did not.
Meanwhile, 35 per cent said the Conservatives understood their needs, compared to 37 per cent who disagreed.
The Liberal Democrats, Greens and SNP trailed behind with net approval scores of five per cent, minus two per cent and minus three per cent respectively.
“Lately, founders in the UK have faced Brexit, a global pandemic, economic disruption and political chaos – so it’s no surprise that their usual optimism has gone into reverse,” said Eamonn Ives, from The Entrepreneurs Network.
“Whatever happens in the next 12 months, if we want to grow the economy and tackle other problems in society, it’s imperative that we give entrepreneurs the conditions they need to flourish.”
The report added that parties across the board performed better among leaders of larger businesses, almost half of whom held a dim view of the Conservatives.
A Savanta poll for the New Statesman earlier this month revealed 45 per cent of business leaders ranked Labour as the best party for business, compared to 32 per cent for the Tories.
And the party’s latest figures show the number of attendees at Labour’s business forum has risen by 50 per cent in a year.
Shadow business secretary Jonathan Reynolds said: “Labour is the Party of business because we understand that only a partnership between business and government can deliver for working people.
“British business knows that only a Labour government can offer the decade of national renewal our economy needs.
“Labour will offer businesses the stability, certainty and ambition that has been sorely lacking after years of Conservative failure. If we can bring business back to Labour we can bring growth back to Britain.”
A Conservative Party spokesperson told City PM: “Labour’s obscene spending plans are anything but business friendly. Their plot to borrow billions a year will fuel inflation and can only be financed by tax hikes. Only the Conservatives have a sensible economic plan to half inflation and grow the economy.”