Tuesday, May 06, 2008

Dangerous Territory

As if Gordon Brown does not have enough to worry about, re the recent drubbing in the local and mayoral elections, business leaders have turned on him and have stated that they have lost confidence in him.

Martin Temple, chairman of the EEF manufacturers trade body, told the FT that Gordon Brown has lost the "confidence and trust" of British business.

Brown was also warned about the dangers of an "exodus" of British companies to more favourable tax regimes. Temple is quoted in the FT as saying:

"I wouldn't say it's a major trend yet, but if we don't watch it, we'll get this [exodus].

It's dangerous territory

He added:

"There is a point whereby if you lose confidence in the system and it starts to become expensive, you start thinking about this.

We are absolutely on the edge of that

Temple's comments were reinforced by a delegation from the Multinational Chairmen's Group, who expressed their concerns at a meeting with Brown and Alistair Darling 12 days ago.

Businesses are feeling what the voters are feeling too, the country is now directionless as the fundamentals that provided the bedrock underpinning the economy are being torn up.

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