This week we saw 120 business owners give their backing to the Labour Party. Among the signatories are some impressive names. But as Brent Hoberman pointed out, they weren’t all high profile figures, who understandably would want to see what’s in the manifestos before "blindly going with the flow".
I would go a step further. Entrepreneurs would be better off not publicly backing political parties at all – but instead focus on backing or attacking particular policies. There is an important difference.
Putting aside the not insubstantial risk of alienating employees by backing a political party, business leaders would also be taken more seriously if they focused on the particulars of manifesto commitments. For example, a prominent retailer could explicitly back the policies of a party that had a coherent plan to regenerate highstreets or cut crime. Importantly, they have expertise in this area, and doing so would give critical information to the wider public about which party is best placed to solve a particular problem. It would also be helpful if they pointed out where the policy gaps were and caution about why similar plans might have failed in the past.
This cuts across many policy areas. The country can learn from entrepreneurs in the construction sector about which policies are most likely to ‘get Britain building’. We should hear from hospitality entrepreneurs about who has the best plan for dealing with their ongoing challenges around labour shortages. And tech entrepreneurs are well placed to tell the country which – if any – manifestos address their need for capital and top talent.
While manifestos have got longer and more detailed over the years – check out the 1900 manifestos from the Liberal Party, Conservative Party and Labour Party for a window into a different age – when this year’s come out, they won’t include every area of policy relevant to every business or industry. Where there are omissions, there are future opportunities to influence the incoming Government. Famously, what’s not said during an election campaign matters more in government than what is. That’s why business groups and think tanks work throughout the length of a parliament, not just the relative sprint of an election campaign.
If you can’t wait for the manifestos, check out this policy tracker that our friends at Public First have created.
The Future Once
Entrepreneurs and the wider ecosystem aren’t just in it for themselves. I’ve been overwhelmed by the number of entrepreneurs who want to ensure the next generation are given entrepreneurial experiences and skills – both in the education system and more broadly – to prepare them for the future.
After all, you can't be, what you can't see. As reported in The Times this week – quoting data from our recent report with American Express – 71% of current business owners say they knew a friend or family member who owned a business while growing up, compared to less than half of the general public.
To that end, with Youth Business International (YBI) we’ll soon release a pithy briefing paper on what we think the next Government should do to empower the next generation. But this is just going to be the beginning. We have ambitious plans on how we can effect policy and practical change for the next and future generations.
This isn’t something that will be solved over the course of an election cycle, nor is it something that is just about policy change. Charities and the private sector are already doing incredible work here and will be vital for much of the delivery.
Join us in the House of Commons to find out more (yes, we can still hold this in the House of Commons even though Parliament is prorogued).
All About It
Next week we’ll release the first report of the Private Business Commission. We can send you a copy fresh off the press (or when the embargo is released), but we only send these out to those who have signed up. Joining us also helps us know what you’re interested in. Becoming a member is free, but we won’t complain if you sign up to support us while you’re there.
King’s Ransom
The Department for Business and Trade has asked us to promote the King’s Awards for Enterprise. Categories include innovation, international trade, sustainable development, and promoting opportunity through social mobility. Among other things, winners get invited to a Royal reception and are able to fly The King’s Awards flag at your main office, and use the emblem on marketing materials (for example, on your packaging, advertisements, stationery and website). Find out more.