British Business Leaders Attend Labour Conference as Conservative Party Loses Support

11 Sep, 2023

British Business Leaders Attend Labour Conference as Conservative Party Loses Support

The upcoming Labour Party conference in Liverpool has experienced a surge in interest from business leaders eager to attend special events, with some even being turned away due to overwhelming demand. Approximately 200 senior business figures have secured spots at a special business forum during the conference, featuring Keir Starmer, shadow chancellor Rachel Reeves, and shadow business secretary Jonathan Reynolds. An additional 180 hopefuls have been placed on a waiting list, only gaining access if there are cancellations. This attendance exceeds last year's total of 130 participants.

In a surprising turn of events, a total of 300 chief executives and chairs of major UK companies are expected to attend the conference, surpassing the numbers seen during Tony Blair's first term as Prime Minister. Business sponsorship has more than doubled compared to the previous year, jumping from £200,000 to £500,000, reflecting the anticipation of a potential Labour government.

This growing corporate interest in Labour coincides with a decline in enthusiasm for the Conservative Party, as consultancies and other firms redirect their focus towards establishing connections with Labour. While some business leaders may not entirely align with Labour's policy agenda, there is significant interest in the party's green prosperity plan, which seeks to build a new green economy through public-private partnerships, drawing inspiration from the Biden administration's approach.

The Biden administration's $369 billion Inflation Reduction Act, aimed at zero-carbon energy projects like solar, wind, and nuclear, serves as a model for Labour's green prosperity plan, led by shadow net zero secretary Ed Miliband. This plan involves state collaboration with businesses to invest in renewable energy, with the goal of reducing energy costs and creating numerous jobs. Much like Biden's strategy, Labour intends to leverage state resources, including regulation and subsidies, to attract co-investment in renewable power technologies, electric vehicle production, and heat pump installation.

Business demand for stalls at the Labour Conference has been so high that the party had to allocate additional space within the conference centre. A record-breaking 287 organizations have applied for exhibit space. Furthermore, Labour plans to host a unique business conference in February in London.

Shadow business secretary Jonathan Reynolds has noted the substantial interest from the business community in Labour's industrial strategy, which includes objectives such as "making Brexit work," reforming planning to facilitate more housing construction, and revising the apprenticeship levy to allow companies to allocate up to 50% of their contributions to non-apprenticeship training.

This weekend's TUC conference in Liverpool will see unions advocating for government action to address the Raac crisis in schools and public buildings, urging a future Labour government to reconsider wealth tax proposals to enhance public service funding. Christina McAnea, general secretary of Unison, the UK's largest union, emphasized the importance of recognizing that public services are an asset to society and the economy, rather than a burden.