It seems that the Budget isn’t going down terribly well in the City. Ministers have been out on the airwaves, desperately insisting that Labour’s borrowing plans are fiscally credible. Yet the markets don’t appear convinced, with the cost of gilt yields spiralling. Given the need to reassure the international financiers, it looks sub-optimal then that the party’s much-vaunted business group, Labour in the City, appears to have simply given up.
Barely a hundred days into government, a number of pages seem to be missing from the group’s website, while its homepage looks rather bare – with the embedded Twitter widget completely disconnected from the group’s existing account feed. On social media, the group has only posted on Twitter once since the election – just four days after the poll. On the site’s ‘News’ tab, the latest listed article is from, er, four years ago. Emails to the account are reportedly bouncing back too.
And that’s not at all. Mr S hears that on Tuesday night at the Fintech Founders event in Parliament, host Callum Anderson didn’t turn up to the event, with Lord McNicol – a lifelong political apparatchik – wheeled out instead. At one point in his speech he downplayed the desirability of listing on the London Stock Exchange, a move which did not go down well with some in the room.
Labour’s pre-election big business backers must have been wondering if all those smoked salmon breakfasts were worth it…
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