UK’s Labour party wins Financial Times vote support

AFP | Riyadh, Saudi Arabia  

The Daily Tribune – www.newsofbahrain.com

Two influential business publications, the Financial Times newspaper and The Economist magazine, have declared support for Britain’s centre-left Labour party before Thursday’s UK election, joining the right-leaning Sunday Times.

The news marks the latest blow to Prime Minister Rishi Sunak, whose governing right-wing Conservatives have trailed Keir Starmer’s Labour throughout the general election campaign.

“The Conservatives have run out of road. Labour must be given a chance to govern,” said a Financial Times editorial Monday with the Tories heading for a defeat that would end Sunak’s spell as PM 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 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 conceded that successive Conservative administrations had in recent years been forced to confront the financial crisis, the Covid 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” and the disastrous 2022 unfunded mini-budget of former premier Liz Truss which tanked the pound.

“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.

“No party fully subscribes to the ideas that The Economist holds dear. The economic consensus in Britain has shifted away from liberal values—free trade, individual choice and limits to state intervention,” it said in an editorial.