Labour must stop U-turning on policies to win the support of companies trying to grow the British economy, one of the country’s most senior businessmen has told GB News.
Lord Browne of Madingley, a former chief executive of BP, also urged companies to resist environmental activists who protest against their sponsorship of cultural events, saying “to drive all the corporates out is to punish arts”.
He told Chopper’s Political Podcast the recent U-turns, which include policies relating to church repairs and digital IDs, hinders investment decisions and damages business confidences, in a blow to Chancellor Rachel Reeves.
The crossbench peer said: “Changes of direction, documented everywhere, make business very concerned about governments.
“What can they rely upon? What they can they really rely upon? And it’s not about rhetoric. It’s about observed behaviour. And that’s what businesses look at.”
He added: “Business looks at things and says, ‘How do I manage the risk?’ And if the risk is not worth managing then they go elsewhere.”
The Conservatives and Reform UK have said they will water down net-zero carbon targets if they win power after the next election, while Labour is forging ahead with its plans to slash carbon emissions.
Lord Browne, who has invested and run green energy companies since leaving BP, said: “There are many things that we’re doing in energy that could create exportable, profitable businesses for the future. Provided we don’t keep changing our minds.
“You know the worst thing about business is when people say, ‘go up the hill’ and then halfway up, they say, ‘no, actually come down again’.”
He added: “It costs shareholders’ money because there are dead losses. And it also saps confidence – and businesses are built on confidence.”
On companies’ sponsorship of the arts, Lord Browne, who has sat on the boards of Goldman Sachs and Intel, urged companies not to be cowed by protesters who want to force them to stop sponsoring the arts and cultural events.
He said: “To drive all the corporates out is to punish arts. And I don’t think people quite think like that, but actually it is a punishment for the arts because someone’s got to make up the gap and you can’t make up all gaps.”
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Lord Browne said his charitable foundation had stepped in to support the Hay Festival after fund manager Baillie Gifford cut its sponsorship in 2024 following campaigning by groups such as Fossil Free Books over the company’s investments in oil and gas firms.
He said: “My foundation made up a gap at the Hay Festival after Baillie Gifford was driven out. But we can’t do it forever. We’re not Baillie Gifford, we’re not a big corporation.
“So it’s a punishment for the arts, and that’s not the right way to think about it. We need the arts to keep nations together, to actually make real purpose out of everything that we do.”
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