Are the Tories tipping into anti-business rhetoric?

The government announces more regulation business won't like.

This announcement was always going to be tricky for a Conservative prime minister to make. The relationship between the Conservatives and the business community is stronger and longer established and runs much deeper than the marriage of convenience between business (and the City especially) and New Labour, and stronger than that with the LibDems. While the Labour Party continues to try hard to re-engage and woo business leaders (its top team were out in force at a Labour Party business reception earlier this week, including the one-man charm machine that is shadow business secretary Chuka Umunna) it still has a long way to go.

The Conservatives on the other have been trying to juggle keeping business onside with not being seen to be too cosy with such natural allies as large corporate donors and wealthy business leaders. This balancing act partly explains both the prime minister and his chancellor making so much noise about anti-tax abuse regulations.

At an awards dinner recently one senior FTSE100 executive told me he was fearful that all the aggressive government rhetoric on tax was in danger of tipping into anti-business rhetoric. He was appalled by what he felt was precisely the opposite of the sort of language he expected from a Conservative prime minister, even one leading a coalition government.

The lobbying debate got even more heated when another announcement – that plans to force cigarette brands to adopt generic packaging were to be shelved – was linked to alleged lobbying activities of Conservative Party strategist Lynton Crosby (whose firm counts tobacco giant Philip Morris among its clients).

The rights and wrongs of who asked for what favours from which politicians (which is essentially what lobbying is) matters less than the message the whole affair sends out. While the boisterous, point-scoring politics of Prime Minister’s Questions is a bit of noise and we can enjoy the “banter” of David Cameron being called “the prime minister for Benson and hedge funds” Ed Miliband being accused (again) of sitting “in the pocket of the unions”, these stories continue to undermine public trust and confidence in both politicians and business.

Trust is already at a something of a premium, following the financial crisis. The recession may have been caused more by a reckless few financiers than the business community per se, but for much of the public there isn’t that much to distinguish bankers from big business. It’s a problem business secretary Vince Cable started the week trying to address. He launched a consultation paper at the London Stock Exchange called Trust and Transparency, which proposes a whole raft of measures on areas ranging from beneficial ownership (much of which was announced at the G8 Summit earlier in the summer) right through to a much-needed review of the system for pre-pack administrations.

Cable launched the paper in the City because many of the current problems with trust started in the Square Mile during the financial crisis. As Cable said, there has been “a seemingly endless succession of mis-selling and price-rigging scandals; and accusations of greed and unethical behaviour against leading figures in the industry.”

It’s no surprise that this year’s Edelman Trust Barometer found that UK banking scores some of the lowest trust scores for any sector in any country.

The problem with any trust is that it takes a long time to build, is shattered in an instant and takes even longer to rebuild. If the public mistrusted the relationship between business and politics in 2008 it is not surprising the only thing that has changed since then is that the sense of mistrust and the outrage have grown.

Politicians need to be seen to be tackling these problems and as much as businesses won’t like it, that always means more regulation. Cable is right to introduce measures to give investors more power to influence executive pay. While the details of plans to introduce a register of the beneficial owners and detailed issues such as bearer shares will not be raised by the public when politicians start pounding pavements at the next election, it is essential the public understands that politicians and the business community are taking steps to put their respective houses in order. Without that trust will never be restored.

This piece first appeared on economia.

Photograph: Getty Images

Richard Cree is the Editor of Economia.

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The Telegraph’s bizarre list of 100 reasons to be happy about Brexit

“Old-fashioned light bulbs”, “crooked cucumbers”, and “new vocabulary”.

As the economy teeters on the verge of oblivion, and the Prime Minister grapples with steering the UK around a black hole of political turmoil, the Telegraph is making the best of a bad situation.

The paper has posted a video labelled “100 reasons to embrace Brexit”. Obviously the precise number is “zero”, but that didn’t stop it filling the blanks with some rather bizarre reasons, floating before the viewer to an inevitable Jerusalem soundtrack:

Cheap tennis balls

At last. Tennis balls are no longer reserved for the gilded eurocrat elite.

Keep paper licences

I can’t trust it unless I can get it wet so it disintegrates, or I can throw it in the bin by mistake, or lose it when I’m clearing out my filing cabinet. It’s only authentic that way.

New hangover cures

What?

Stronger vacuums

An end to the miserable years of desperately trying to hoover up dust by inhaling close to the carpet.

Old-fashioned light bulbs

I like my electricals filled with mercury and coated in lead paint, ideally.

No more EU elections

Because the democratic aspect of the European Union was something we never obsessed over in the run-up to the referendum.

End working time directive

At last, I don’t even have to go to the trouble of opting out of over-working! I will automatically be exploited!

Drop green targets

Most people don’t have time to worry about the future of our planet. Some don’t even know where their next tennis ball will come from.

No more wind farms

Renewable energy sources, infrastructure and investment – what a bore.

Blue passports

I like my personal identification how I like my rinse.

UK passport lane

Oh good, an unadulterated queue of British tourists. Just mind the vomit, beer spillage and flakes of sunburnt skin while you wait.

No fridge red tape

Free the fridge!

Pounds and ounces

Units of measurement are definitely top of voters’ priorities. Way above the economy, health service, and even a smidgen higher than equality of tennis ball access.

Straight bananas

Wait, what kind of bananas do Brexiteers want? Didn’t they want to protect bendy ones? Either way, this is as persistent a myth as the slapstick banana skin trope.

Crooked cucumbers

I don’t understand.

Small kiwi fruits

Fair enough. They were getting a bit above their station, weren’t they.

No EU flags in UK

They are a disgusting colour and design. An eyesore everywhere you look…in the uh zero places that fly them here.

Kent champagne

To celebrate Ukip cleaning up the east coast, right?

No olive oil bans

Finally, we can put our reliable, Mediterranean weather and multiple olive groves to proper use.

No clinical trials red tape

What is there to regulate?

No Turkey EU worries

True, we don’t have to worry. Because there is NO WAY AND NEVER WAS.

No kettle restrictions

Free the kettle! All kitchen appliances’ lives matter!

Less EU X-factor

What is this?

Ditto with BGT

I really don’t get this.

New vocabulary

Mainly racist slurs, right?

Keep our UN seat

Until that in/out UN referendum, of course.

No EU human rights laws

Yeah, got a bit fed up with my human rights tbh.

Herbal remedy boost

At last, a chance to be treated with medicine that doesn’t work.

Others will follow [picture of dominos]

Hooray! The economic collapse of countries surrounding us upon whose trade and labour we rely, one by one!

Better English team

Ah, because we can replace them with more qualified players under an Australian-style points-based system, you mean?

High-powered hairdryers

An end to the miserable years of desperately trying to dry my hair by yawning on it.

She would’ve wanted it [picture of Margaret Thatcher]

Well, I’m convinced.

I'm a mole, innit.