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Formation of a New Business Council
Chancellor Rishi Sunak is launching a fresh council of business advisers in preparation for an upcoming general election, where the Conservatives’ economic track record will be a pivotal battleground. Invitations were issued by 10 Downing Street to a group of business leaders to join this initiative, although their identities remain undisclosed at this time.
Importance of the Economy in the Election
The Tories’ ability to showcase a significant decline in inflation over the next year is expected to heavily influence their performance at the ballot box. As economic factors take center stage, Rishi Sunak’s new council is seen as a strategic move to bolster the party’s economic credentials.
Previous Business Advisory Groups
Past prime ministerial business advisory groups have included executives from renowned companies such as BT Group, GlaxoSmithKline, J Sainsbury, and Rolls-Royce Holdings. While it remains unclear who will be part of Sunak’s new council, these previous appointments indicate the potential caliber of business leaders involved.
Inaugural Meeting and Schedule
The inaugural meeting of the new council is reportedly scheduled for next week, signaling the swift action being taken by Sunak. This early gathering highlights the urgency and significance of addressing economic issues in the run-up to the election.
Government’s Engagement with the Private Sector
The government’s latest efforts to foster positive relations with the private sector follow the Business Connect conference, attended by hundreds of executives three months ago. Additionally, in November, the second Global Investment Summit, featuring executives from numerous multinational corporations, is set to take place. These events reflect the government’s ongoing commitment to engage with businesses and entrepreneurs to drive economic growth.
Labour’s Repositioning as Business-Friendly
Under the leadership of Sir Keir Starmer, the Labour Party has been actively repositioning itself as a business-friendly government-in-waiting. This strategic shift aims to strengthen Labour’s appeal to the business community and present a credible alternative to the Conservatives in the upcoming election.