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Business reaction mixed as Theresa May sets out leadership stall

Prime Minister Theresa May delivered her debut leadership speech at the Conservative Party Conference yesterday in Birmingham, staking the claim that her party was poised to ‘take the centre ground’.

In a wide ranging speech where the spectre of Brexit continued to loom large, the PM reaffirmed plans to reform the UK’s corporate culture, hit out at ‘dysfunctional’ markets and took aim at multinational tax-dodging firms.

However, her pronouncements, along with some of the policy suggestions of Home Secretary Amber Rudd earlier in the week, have drawn ire from some sections of the business world who have described her speech as both parts ‘interventionist’ and ’authoritarian.

Terry Scuoler, Chief Executive of EEF, the manufacturers’ organisation, said that, while he applauded May’s focus on fostering a true ‘industrial strategy’ for the UK, to tar all businesses leaders with pension raiding actions of a small minority would be damaging in the long term.

He warned: “We must remember, however, that the vast majority of businesses are well-run and committed organisations who train their people, provide pensions and operate in a fair and ethical manner.

“There will always be bad apples that require attention and there are plenty of ways to do that and, bring pressure to bear for change, without requiring legislation which penalises the majority to target the few.”

Similarly, the government’s increasingly hardline on immigration and foreign workers is causing ripples of consternation across the business world, not least the suggestion that businesses may have to reveal exactly how many non-UK workers they employ.

Acting Director General of the British Chamber of Commerce, Adam Marshall, applauded May’s ‘seriousness’ and ‘sense of mission’ but said that it was imperative that government worked in partnership with business and did not just ‘dictate’ to them.

He added: “The task ahead is to make the big decisions that matter to our future, whilst avoiding populist measures that may have adverse consequences for business investment or job creation.

“In a period of historic change, business communities all across the UK need to feel supported, not alienated, so that they can confidently seize opportunities and deliver growth.”

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