How Labour wooed the City

BUSINESS BOSSES READY TO EMBRACE STARMER AFTER BLAIR-STYLE CHARM OFFENSIVE CONVINCES THEM THEY HAVE NOTHING TO FEAR

- Simon English

LABOUR is wooing businesses and bankers as it readies itself for office in a repeat of the “prawn cocktail offensive” by Sir Tony Blair and Gordon Brown to get finance on side before their 1997 victory.

Business leaders say Sir Keir Starmer and his shadow chancellor Rachel Reeves have stepped up their efforts to win over the City, in private talks with bankers and chief executives. One City lobbyist said: “Labour leaders have spent many more hours with business than they have in schools and hospitals. I’ve been invited to breakfast with Jonathan Reynolds (shadow business secretary) about a dozen times in the last few months.”

While Chancellor Jeremy Hunt was giving his Mansion House speech, Labour was hosting the venture capital sector at a private dinner. Ed Miliband emailed City bosses seeking an audience to discuss energy policy. Many business leaders say they have mostly been impressed, and are reassured that a Labour government will not attempt radical regulation.

Labour insiders say they have seen a flood of unsolicited donations from the City. According to the Electoral Commission website, donations this year include:

⬤ £31,000 from PwC.
⬤ £25,000 from Victor Blank, former-chairman of Lloyds TSB.
⬤ £29,700 from Ernst & Young.
⬤ £6,000 from Linchpin Private Equity.
⬤ £200,000 from Peak Scientific Holdings, which manufactures gas generators.