Apella and Ipsos event: Labour and Business - how will public opinion shape the party's approach?
19 March 2024
Ipsos and Apella Advisors brought together leading political analysts to discuss exclusive polling, revealing the forces that will shape and drive any new Labour government's approach to business in Britain. At this event, we analysed new public polling exploring the drivers of Labour thinking and policymaking that will affect the key industries and sectors. If you would like the latest data from our survey of MPs, please get in touch with Mike Granleese on mg@apellaadvisors.com.
Our panellists included:
Patrick Maguire, the Times
Fleet Street's leading chronicler of the Starmer project whose weekly column is a must-read for anyone seeking to understand Labour today.
Christabel Cooper, Labour Together
Leads opinion research and analysis at the think-tank with the strongest ties to the Labour leadership. Her work underpins the Starmer strategy.
James Kirkup, Apella Advisors
Partner at Apella Advisors and Senior Fellow at the Social Market Foundation. Well known Westminster commentator and columnist at The Spectator and The Times.
Gideon Skinner, Ipsos
Director and Head of Politics at Ipsos UK. He has worked on Ipsos’ election analysis since 1997 and is a regular commentator on TV and radio.
Chair: Jenny Scott, Apella Advisors
Founder partner at Apella Advisors and a senior advisor to North Star Transition. Jenny was the Executive Director for communications at the Bank of England throughout the financial crisis and Brexit referendum.
We thought it might be helpful to share our take on the polling and the key takeaways we see for business.
Attitudes to business polling: Key takeaways
Public permission for more regulation. 48% of Labour voters say Government should set stricter rules for business on issues like workers’ rights and the environment. Only 21% believe in cutting red tape to allow companies to grow and create jobs.
Look after your people – or else. The way firms treat staff is very important to Labour voters. Work-life balance (35%) workplace bullying (34%), discrimination (33%) and “sweatshop labour” (30%) all score highly as business issues that Labour voters want politicians to address.
Planet before profit. 46% of Labour voters say more focus should be put on protecting the environment, even if that harms economic growth. This view is strongest among voters who have switched to the party since the last election – 50% of switchers to Labour back the environment before growth.
Blame business. 25% of Labour voters say “businesses making excessive profits” are one of the main causes of inflation and pressure on the cost of living. Only 13% of Conservative voters say the same. Meanwhile, 43% of Labour voters blame Brexit for higher prices.
Tax bombshell. Despite what the party says, Labour voters may expect increased corporation tax to help pay for public service improvements 47% of Labour voters say businesses should be taxed more to pay for public services.
Buy British. 44% of Labour voters say that foreign companies owning private sector British businesses is a bad thing. Only 21% say foreign ownership has advantages to the UK.
Public, not private. 65% of Labour voters support nationalising public services such as water, rail and energy. 45% of Conservatives support this idea too.
Apella and Ipsos event discussion: Five takeaways for business
Labour engagement with business in government could feel very different to Labour engagement in opposition. Rachel Reeves and other pro-business figures are just one part of the wider Labour coalition. How the new cohort of around 150 Labour MPs think, act and break into caucuses will be vital.
How business engages on the new deal for working people, a likely early Labour intervention, will set the tone for relations for years ahead. Businesses should focus on demonstrating that they are looking after their people, supporting and nurturing them, and acting as engines of social mobility.
Businesses in all sectors should expect a more interventionist government, but not all sectors will receive the same focus or level of attention. Tech, social media, banking, oil and gas and gambling should expect a more sceptical reception from a Labour Government and Parliament.
Labour's five mission boards will be very important to the way the government makes and directs policy - and engages business. The way these boards engage with business will help clarify the sort of partnership the Labour Party is offering.
Shortly after the election, business should expect some form of surprise policy offer to boost living standards and give a "sugar rush" to an electorate that could wait several years before the economic impact of Labour's growth plans are felt.
*Ipsos and Apella surveyed UK adults aged 18-75 between 8-11 March 2024. The sample size was 1,099.
To find out more, please contact Mike Granleese on mg@apellaadvisors.com