Former Business Critics of Labour Reverse Stance on Sunak Following Green Policy Reversal

Last Updated on October 2, 2023 by Robert C. Hoopes

Title: Business Community Criticizes UK Government’s Rollback of Net Zero Policies

In a surprising turn of events, business leaders who once opposed Ed Miliband’s policies are now expressing their deep concern over the Conservative government’s plans to roll back net zero policies. This unexpected development has caused frustration among the business community, leading to a loss of faith in the current administration.

One of the main points of contention for these business leaders is the delay of the 2030 deadline for all new cars to be electric. This decision has created uncertainty among businesses, as they had already started aligning their operations with the original deadline. The phase-out of gas boilers by 2035 has also compounded the frustration, as it further undermines the commitment to combating climate change.

According to members of the business community, these policy changes not only bring uncertainty but also reduce the international standing of the United Kingdom. Early investors in net zero initiatives are being punished, as they now face unexpected setbacks caused by the government’s volte-face. Richard Baker, former chair of Whitbread and CEO of Boots, called the plans “bad news” and criticized the uncertainty they create for investment decisions.

Sarah Jane Thomson, co-founder of ThreatAware and founder of Ebiquity, expressed surprise and concern over the announcement, emphasizing that it erodes confidence and stability. Business leaders, like Nick Jenkins, founder of Moonpig and a Dragon on Dragon’s Den, stressed the importance of long-term planning and certainty in the transition away from fossil fuels.

Some prominent business figures criticize the government’s focus on short-term costs, arguing that the expense of not acting on the environment will eventually far outweigh any initial financial burden. The comments made by Rishi Sunak, Chancellor of the Exchequer, were perceived as unhelpful and out of touch with the business community’s view of net zero policies as a growth opportunity rather than a mere cost.

The decision to scrap the Manchester leg of the HS2 project, a high-speed railway linking major cities in the UK, was seen as a flawed choice that may harm the Conservatives in the upcoming elections. Lord Harris of Peckham, a prominent Tory donor, recently expressed his loss of faith in the party and even went as far as donating to Labour.

As business leaders’ frustration with the Conservative government’s rollback of net zero policies grows, it remains to be seen whether the government will take heed of their concerns and readjust its course to tackle the urgent climate crisis. The unexpected shift in alliances serves as a wake-up call to the Conservative party, highlighting the need to carefully consider the long-term consequences of these policy changes for both the environment and the business community.