Britain’s Labour Party wins Financial Times, Economist support ahead of polls in blow to Sunak
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The Conservatives have trailed Mr Keir Starmer’s Labour Party throughout the election campaign.
PHOTO: REUTERS
LONDON - Two influential business publications have declared their support for Britain’s centre-left Labour Party ahead of the election on July 4, joining the right-leaning Sunday Times.
The backing of the Financial Times newspaper and the Economist magazine for Labour marks the latest blow for British Prime Minister Rishi Sunak, whose governing right-wing Conservatives have trailed Mr Keir Starmer’s Labour throughout the election campaign.
“The Conservatives have run out of road. Labour must be given a chance to govern,” said a Financial Times editorial on July 1, with the Tories heading for a defeat that would end Mr Sunak’s spell as prime minister after less than two years.
“Voters appear to have decided that, after an often turbulent 14 years in office spanning five prime ministers, the Conservative Party’s time is up. There surely can be no other conclusion,” the FT added.
The business daily stressed that it had no “fixed political allegiance”, but added that its beliefs in “liberal democracy, free trade and private enterprise, and an open, outward-looking Britain... often aligned us more with Britain’s Conservatives”.
“But this generation of Tories has squandered its reputation as the party of business, and its claim to be the natural party of government,” it added.
The FT added that successive Conservative administrations had in recent years been forced to confront the financial crisis, the Covid-19 pandemic, and rocketing inflation following Russia’s invasion of Ukraine.
However, it added that much of the damage was “self-inflicted”, citing Brexit as “an act of grave economic self-harm”,
“The Labour party of... Starmer is better placed today to provide the leadership the country needs,” the FT concluded.
The Economist also threw its weight behind Labour, albeit reluctantly, in its latest edition published over the weekend.
In an editorial, it said: “No party fully subscribes to the ideas the Economist holds dear. The economic consensus in Britain has shifted away from liberal values-free trade, individual choice and limits to state intervention.
“But elections are about the best available choice, and that is clear. If we had a vote on July 4, we, too, would pick Labour because it has the greatest chance of tackling the biggest problem that Britain faces: a chronic and debilitating lack of economic growth.”
Over the weekend, The Sunday Times weekly newspaper backed Labour, reversing its traditional support for the Conservatives. AFP
