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A new poll has found that Labour has opened up a 17-point lead over the Conservatives when business leaders were asked which party they would like to see manage the economy.
A Savanta investigation and exclusive shared IThe survey found that an overwhelming majority of bosses from 1,000 of the country’s biggest companies believe Labour is best for their business, with 49% choosing Labour and 32% saying they would choose the Conservatives.
It’s the largest lead ever recorded among business leaders, according to pollsters, and a further sign of the uphill battle the Conservatives face to persuade voters to support them in the July 4 polls.
Interestingly, however, business leaders surveyed seem still unconvinced about whether Rachel Reeves is the best choice for their companies, with 32% saying she is the best choice to be Chancellor, compared to 29% who support Jeremy Hunt. Nearly four in ten, or 39%, said they were unsure who would be the best choice for Chancellor.
The survey also found that Sir Keir Starmer has widened his lead over Rishi Sunak among business leaders when asked who they would like to see lead the country after the upcoming election, with 46% choosing the Labour leader compared to 31% who chose the Conservative leader.
Small business owners were most likely to expect Labour to win the next election, with 48% backing Labour and 30% backing the Conservatives.
Chris Hopkins, director of political research at Savanta, said: “One of the key tests of this election is who people choose to entrust with managing the UK economy and for the Labour Party in particular, the support of business will be a key test of their economic credibility.”
“While it is the voters, not business leaders, who will win this election, the shift in business opinion towards the Labour Party and its leader has been truly transformative.”
The new business poll came just hours after a major Electoral Calculus poll of 10,000 voters predicted the Conservatives would win just 66 seats in the election, giving Labour a chance to win a majority of the House of Commons’ 400 seats.
While many pollsters have expressed skepticism that the Conservatives could suffer such a crushing defeat on election day, there are further signs of just how low support for the party is with just five weeks to go before the country heads to the polls.
Field surveys for this poll were conducted from May 10 to 24, 2024.