In a remarkable display of corporate influence, over 500 lobbyists and executives descended upon Labour’s largest-ever business event, held at the party’s annual conference. The event, costing £3,000 per ticket, offered attendees an exclusive opportunity to engage with key ministers and policymakers.
The “Business Day,” a premier fixture of the Labour conference, saw major players from banking, oil, and technology sectors vying for direct access to government leaders. HSBC’s Chief Executive, Ian Stuart, introduced Labour leader Keir Starmer, who was subsequently interviewed by Google UK’s chief, Debbie Weinstein. Starmer reassured businesses that they should approach No 10 directly if they felt their concerns were being overlooked.
Sponsored by high-profile firms such as Heathrow Airport—currently advocating for a new expansion blueprint—and HSBC, which has voiced concerns over Labour’s living wage proposals, the event marked a shift towards greater transparency. This year’s format included hour-long sessions allowing delegates to question Starmer, Shadow Chancellor Rachel Reeves, and Business Secretary Jonathan Reynolds directly.
During the event, Stuart expressed optimism about improved EU relations and commended Labour for seeking a “genuine partnership with business.” Prime Minister Starmer echoed this sentiment, inviting businesses to collaborate more closely with his administration.
However, beneath the surface of the event’s polished exterior, anxiety pervaded the atmosphere. Concerns centered around forthcoming tax changes and the new workers’ rights bills, which promise day-one rights for employees and a ban on exploitative zero-hours contracts.
Feedback from attendees highlighted dissatisfaction with the event’s structure. Some delegates lamented the absence of roundtable discussions that had been a feature at previous Conservative conferences, and others expressed frustration over the difficulty in securing one-on-one meetings with ministers. “We don’t feel truly heard,” one business representative lamented, while another voiced apprehensions about the impact of upcoming budget announcements and workers’ rights legislation.
Complaints also surfaced regarding the event’s catering and the perceived lack of engagement from top-tier cabinet members during the networking segments. Despite these grievances, the event saw a significant increase in scale from the previous year, reflecting Labour’s elevated status in government. The cost of attendance rose nearly 50% to £3,000 per seat, with over 100 executives from companies such as Uber, Blackstone, ExxonMobil, Shell, Citi Group, and JP Morgan Europe in attendance.
Attendees pressed for more clarity on the government’s industrial strategy and its approach to taxation and workers’ rights. Reeves attempted to address these concerns, emphasizing her hope that businesses would appreciate the compromises made to respect working people and maintain a supportive labor market. She assured that further details would be released soon, aiming to balance business interests with labor protections.
Despite these assurances, some business leaders expressed frustration over the slow pace of governmental decision-making, particularly concerning the industrial strategy. Reeves announced that the strategy, detailing priorities for various economic sectors, would be released next month. However, there remains uncertainty regarding the leadership of the new industrial strategy council and the appointment of an investment minister.
As the event drew to a close, some attendees felt that little substantial information had been gained ahead of the chancellor’s forthcoming budget. Early attendance was noted to be sparse until the high-profile discussions with the chancellor and prime minister, followed by a well-attended drinks reception sponsored by Bloomberg.
Overall, while the event showcased Labour’s commitment to engaging with the business community, it also underscored the ongoing challenges and expectations faced by both the government and the corporate sector.
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