Sadiq Khan has insisted Sir Keir Starmer’s attack on Rishi Sunak for “making millions from misery” during the financial crisis won’t put businesses off the Labour Party.
The mayor of London said the party’s relationship with business was “the best I’ve seen it in recent times” ahead of its sold-out business conference on Thursday with hundreds of FTSE 100 CEOs set to attend.
During Prime Minister’s Questions last week, Starmer hit out at Rishi Sunak for his work in 2008 “making millions betting on the misery of working people during the financial crisis”.
Sunak was a partner at hedge fund TCI which shared a £100m profit, following a deal linked to RBS almost collapsing, save for a £45.5bn government bailout, according to a Times article from 2020.
Khan stressed that at that time, while Starmer was doing “public service” as director of public prosecutions, Sunak was “doing personal service for his own wealth and prosperity”.
Asked by City A.M. if he worried the comment could undo Labour’s progress with businesses, he replied: “No, not at all. Businesses meet Keir on a regular basis.
“I think Keir is supporting businesses to grow and flourish, he’s spent a considerable amount of time – I’ve been with him often when he’s been to businesses, listened to businesses.
“Yesterday, he was with the chief executive of Iceland who is now a Labour supporter – that shows the seriousness with which Keir, Rachel Reeves and the team take business.”
It came at the launch of Grow London Local, a new City Hall-backed business support scheme aimed at helping small businesses across the capital scale up and develop.
Backed by £8.7m in funding, via London & Partners, it offers in-person and online services and provides 24 small business advisors to help entrepreneurs break barriers and thrive.
Khan said: “For the last eight years I’ve been the most pro-business mayor with one hand tied behind my back because of an anti-business government… policies that were anti-London.
“With a Labour government working with a Labour mayor I think there’s a huge source of optimism and hope.
“Whether its financial services, professional services, construction, changes around planning, all the things businesses are craving. I’m confident a Labour government working with a Labour mayor can deliver.”
On SME finance, the mayor said the scheme was currently locally-focused, but added: “Later on, we’ll be announcing further deals in Grow London to show programmes to get access to finance overseas.