Business leaders abandon Conservatives and switch allegiance to Labour

More than 120 business leaders have thrown their support behind the Labour Party, dubbing it the “party of change” in the lead-up to the 4 July general election. Founders, executives, and investors from various sectors have criticized the Conservatives for 14 years of “instability, stagnation, and a lack of long-term focus.”

In a letter published in The Times, these business leaders have called for Labour to be given the opportunity to “change the country and lead Britain into the future.” Notable signatories of the letter include Sir Malcolm Walker, a Tory donor and founder of Iceland, as well as his son Richard Walker, the managing director of the supermarket chain.

The decision of these 121 business leaders to back Labour comes at a time when a record number of Tory MPs have announced they will not be standing for re-election. This exodus of Conservative MPs, coupled with the growing support for Labour under Sir Keir Starmer and Rachel Reeves, signals a significant shift in the political landscape.

Boots chief executive Sebastian James, a friend of Boris Johnson and David Cameron, has also expressed his support for Labour. The letter endorsing Labour highlights the party’s commitment to working with business to unlock the UK’s economic potential and achieve sustained growth.

While the Conservatives have dismissed the letter as merely a collection of names without major FTSE 100 businesses, it represents a blow to the party as it grapples with internal dissent and criticism over its election campaign strategies. With the general election looming, the support from these business leaders could prove to be a game-changer for Labour as they seek to reshape the country’s economic future.