Rishi Sunak’s committee of business advisers refused to publicly back the government’s economic policy record on Tuesday amid an escalating row over Labour’s efforts to steal the Conservative Party’s traditional mantle as ‘the party of business’. Sky News contacted all 15 of the companies represented on the prime minister’s business council to see whether their bosses would publicly endorse the Tories, but none agreed to do so.
Among the companies whose executives sat on the council were BT Group, ITV, Nationwide, and Unilever. Rolls Royce Holdings, the aircraft engine manufacturer, allowed its Derby headquarters to be used for a campaign speech by Rachel Reeves, the shadow chancellor, but maintained neutrality. Some companies failed to respond to inquiries, while others stated they would remain politically neutral during the election campaign.
The Tories historically secured public endorsements from big businesses, but a pro-Labour letter signed by over 120 businesspeople was published on Tuesday, beating them to the punch. None of the signatories of the Labour letter are serving FTSE-100 chief executives, with only Andy Higginson, the chairman of JD Sports Fashion, being a current public company heavyweight on the list.
Labour’s letter criticized Britain’s economy for being “beset by instability, stagnation, and a lack of long-term focus.” Tory insiders dismissed the letter as a “damp squib,” claiming that Sir Keir Starmer and Rachel Reeves had failed to win the trust of major companies in the UK. The difficulty in securing public endorsements from major corporate names highlights the challenges the Tories face in the lead-up to the election.