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100 business chiefs back the Conservatives - it's more important than you think

The latest attack on Labour by business may be dismissed as "man bites dog", but it could do damage to the party, albeit indirectly.

103 business leaders have endorsed the Conservatives in a letter to the Telegraph. Does it matter? 

Like Harry Potter's Mirror of Erised, you can see what you want in it. Labour optimists will point out that many of the signatories are Conservative peers and donors. It's likely that the tax affairs of some of the other signatories will now come into the spotlight, which some party insiders believe will harm the Tories.

Labour strategists, who have long-anticipated this attack, also hope that the focus on their offer to business earlier this week - lower business rates for small businesses, no destabilising In-Out referendum on Europe for the big corporates - will sufficiently muddy the waters that the row doesn't do any damage to the party's standing in the polls.

But pessimists within the party will point to the presence of Duncan Bannatyne, who warned against a Cameron government in 2010, or Sir Charles Dunstone, who endorsed Labour in 2005. They fear that the support of business leaders provides a kitemark of credibility that the party cannot afford to do without.

A lot hinges on how Labour react to the letter. A week-long row with a few - many low-profile - business leaders is unlikely to do Labour much direct damage.  But a week spent on the rather abstract question of whether Ed Miliband is a danger to business is a week spent away from the party's issues. As one MP commented to me during the party's last row with business: "I doubt any of my constituents heard about it. But it certainly meant they didn't hear about the paternity stuff."

Just as the party's announcement on extending paternity leave was overshadowed by Miliband's clash with Boots chief Stefano Pessina, it could be that this row blots out any headlines for Labour's strengthened pledge to curb zero-hours contracts. That's far more worrying than any number of letters to the Telegraph.

Stephen Bush is special correspondent at the New Statesman. His daily briefing, Morning Call, provides a quick and essential guide to domestic and global politics.

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The NS Podcast #230: It's (New) Party Time

The New Statesman podcast.

Helen is joined by Anoosh to consider whether a new political party would have any chance of success in the UK. Then they discuss the TV shows everyone really likes to watch but doesn't admit to and analyse why the quality of Don't Tell The Bride has declined. Finally, a bumper You Asked Us section including listener questions on social care, punching Nazis, the Tory economic agenda and more.

You can subscribe to the podcast through iTunes here or with this RSS feed: http://rss.acast.com/newstatesman, or listen using the player below.

 

Further reading:

The NS centenary debate from 2013 - did the left win the twentieth century?

Meet the Ivanka Voter by Anne Helen Petersen on Buzzfeed.

Anoosh on the EDL.

Why is Love Island so Tory?

How Don't Tell the Bride lost its spark

Take Me Out and the failures of feminism by Alan White.