Rachel Reeves has received a blunt wake-up call from former economic secretary Andrew Griffith and former minister for investment Dominic Johnson ahead of the Autumn Statement. They’ve slammed Labour for “talking down” the economy, which has scared off investors, with business investment plummeting from +24 in July to -6, the steepest drop since the pandemic. As they astutely put it: “no one buys shares in a company whose CEO and CFO do nothing but whine.”
Griffith and Johnson also pushed Labour to embrace the post-Brexit landscape, championing the benefits of the CPTPP and the UK’s strategic role amid the swirling uncertainties in Europe and the US. Despite Starmer’s flirtations with the EU, Labour should be “selling” the fact the UK has the power to craft its own laws and trade agreements…
The duo issues a stark warning against Labour’s tax-the-rich agenda, particularly their plans targeting non-doms, as Treasury briefings suggest such measures could end up costing the Exchequer more than they bring in. Instead, they encourage Labour to leverage its connections within the unions and public sector to champion reforms in pensions, urban development, driverless transport, and NHS data sharing. Policies the Tories weren’t able to implement…
Finally they suggest it might be time for Labour to sideline “Red Ed“. The pair point out that Labour’s green policies are pushing up energy costs for manufacturers and driving away investment. With £8 billion already pumped into GB Energy to keep him “busy”, Miliband would be better occupied with offshore wind projects instead…
Labour would be wise to heed the advice of these Tory investment supremos…
Guido can reveal that the Trade Department has appointed a string of three new non-executive board members. These appointments are the latest in a string of sound picks, joining the likes of Daniel Hannan and Tony Abbott at the department. The new non-exec members are…
- Douglas Carswell – Former MP and Brexit hero.
- Dambisa Moyo – economist and bestselling author who among her awards lists TIME 100 and the Hayek Lifetime Achievement Award.
- Dominic Johnson – founding partner of Somerset Capital Management.
Guido learns that they will make up a refreshed non-executive board, appointed directly by Liz Truss, joining current members Sir Stephen O’Brien, Noel Harwerth, and Andrew Hood who is taking on the role of lead non-executive board member. Current non-executive board member Julie Currie is standing down – being replaced by Dominic Johnson as Chair of the Audit and Risk Assurance Committee.
Guido understands that the free-trading, free-marketeer appointments will push the idea that outside the EU, Britain can push new frontiers in areas like tech, services and advanced manufacturing. Their membership on the board is designed to help steer the department to establish Britain as a major force in global trade – as well as deepen trade links with like-minded nations. DIT is rapidly earning a new nickname amongst SpAds… the Ministry of Sound…
David Cameron’s new landlord reckons Britain will be “richer” and “more plentiful” outside the EU. Dave and the family have moved into a three-storey end-of-terrace house in Chelsea, which would usually rent for £11,000-a-month. Its owner Dominic Johnson is an old friend and is letting the Camerons stay there for free. Johnson runs an asset management firm and used to be a full-blown Europhile, that was until last year when he said he had “fallen out of love” with the EU:
“I was pretty clear that I would vote to stay in – regardless of the outcome of any negotiation. But then I started to look more closely at the facts… If the UK left the EU (assuming trade treaties and other issues can still be negotiated), I do not believe that it would make any difference at all to the ease – or difficulty – of trade for our industry in the EU. Indeed, the fact that London has to suffer under the weight of such EU regulation is currently a deterrent for international boutiques locating here. If we leave, we may even get richer and our human capital more plentiful.”
Johnson then set Cameron four tough targets for reform and said if they were not achieved he would not be able to “stay committed” to the EU. Is Dave’s new landlord a Brexiteer? He can’t escape them these days…
