Blow for Tories as major donor says party have ‘lost their way’ on business
3 min read
A major Conservative donor has hit out at the party for having “lost its way” on business, while accusing Theresa May of “letting herself down”.
City tycoon Michael Spencer said top Tories had “used the language of the left” in a bid to target swing voters, in a move he said had not paid off.
The Chief Executive of investment firm NEX Group and former party treasurer under David Cameron had been a long-time financial supporter, but has not donated since the last general election.
In an interview with the BBC, he said while he knew members of the Tories that were “absolutely pro-business”, the Prime Minister “has let herself down personally by not being a champion of business to the extent that she could be or should be”.
“You might make a legitimate excuse that she’s been so busy on Brexit that she hasn’t had time to focus on it,” he said, speaking ahead of the party's conference in Birmingham.
“But post-Brexit, this is one of the key issues the Conservative party must address - where it stands on enterprise, where it stands on innovation, competitiveness and all the industrial changes that are taking place around us…
He added: “The Conservatives, I would say, have lost their way. Not lost their ideology. And I feel optimistic and indeed one of the reasons I stay involved in the party is as a representative or a supporter of the business community.”
It comes as former CBI chief Lord Digby Jones prompted applause from delegates when he blasted Boris Johnson over his “f*** business” comments from June.
"Business is so important that when I heard a former foreign secretary f-business, it showed him up for the irrelevant and offensive person he really is and I take great exception to that," the peer told the hall.
Mr Spencer’s comments echo those of a Tory frontbencher, who last week told the House Magazine the Conservatives must reclaim being known as the “party of business” rather than "talking it down" if they are to beat Labour at the next election.
"When we Conservatives veer between talking business down, ignoring voters’ concerns, and telling businesses to shut up – or worse – it is clear sign we have lost our way,” universities minister Sam Gyimah said.
"When it comes to our relationship with business, we must unscramble our compass if we are to stand any chance of defeating the hard left.”
The businessman's intervention also comes after a poll showed just 26% of business leaders said the Conservatives were pursuing a business-friendly Brexit approach, while 57% disagreed.
The results come despite the perception by those surveyed that the Tories remain the traditional party of prosperity and helping businesses – by 66% to 24%.
Mr Spencer, who voted for the UK to remain in the EU but accepts the Leave outcome, also said it was "profoundly unlikely" Britain would crash out of the EU without a deal.
He added that it was “naïve” to believe there would be agreement on the direction of talks at this stage, however called on the party to “pull together and be rational and realistic about what we can achieve”.
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