Labour’s arrogance is disrespectful to business

When it emerged that Boris Johnson reportedly muttered “f**K business” during a meeting as Prime Minister, he was rightly castigated. For many people it marked an emphatic break in the relationship between government and the private sector.

We might not be able to point to any similarly totemic moment in Keir Starmer’s first three months as PM, but there is mounting evidence to suggest that his government’s attitude towards business is no less disrespectful.

Starmer and his ministers talk a good talk about Labour becoming the natural party of business but actions speak louder, as does a lack of action.

It’s understood that Downing Street is inching towards announcing a new Minister for Investment, with news expected as soon as this weekend. With the Investment Summit getting underway with a reception on Sunday night, this is cutting it fine, to say the least.

Why wasn’t this vital role among the first to be decided on, and announced? Unveiling such a figure early in the life of this government would have been a powerful symbol, a signal of intent. It would also have served a vital practical purpose, with the right person for the job helping to deliver a summit of weight and substance.

The mood among many CEOs attending the event is that the organisation has been something of a shambles. It also hasn’t gone unnoticed that the summit is taking place before the Budget, meaning that business leaders sitting down to hear the PM in conversation with the former boss of Google on Monday will still be in the dark about what kind of environment they’ll be operating in next month.

This kind of arrogance and disrespect is becoming a pattern, since attendees at Labour’s business day at their recent party conference were treated appallingly by a team who wanted the visuals of supportive or engaged CEOs but weren’t prepared to offer anything of substance to those who made the trip to Liverpool.

And then there’s the relentlessly negative mood music. One FTSE100 CEO told City AM this week that “there’s only one fly in the ointment; the government.” He cited lip-service engagement and confusion over impending Budget measures.

A Minister for Investment is desperately needed, but it will take more than a canny appointment to rebuild bridges.