Former M&S boss Lord Stuart Rose has questioned Labour’s delivery against its pre-election promise to be the most pro-business government.
Speaking on LBC’s Nick Ferrari at Christmas programme, Lord Rose expressed deep disappointment with the Government’s current approach to growth and business confidence.
Describing himself as “a Conservative with a small ‘c’”, Lord Rose said he had welcomed the change of government and expected Labour to arrive with “bright ideas” and a clear plan to stimulate growth.
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“The word growth has disappeared. We haven’t heard it mentioned at all. And as I said, this is not a pro-growth budget,” he told Ferrari.
He added that he is not opposed to higher taxation in principle, provided the rationale and outcomes are clear. However, he said that, at present, public money is not being deployed effectively.
“At the moment, frankly, to be crude, it’s going down the urinal,” he said.
Lord Rose joined M&S as a management trainee in 1972 and became CEO in 2004. He was appointed to Asda’s board of directors as chairman in December 2021. He has also held executive roles at the Burton Group, Argos, Booker and Arcadia.
He received a knighthood for services to the retail industry and corporate social responsibility in 2008 and was granted a life peerage in 2014.
Looking ahead to the next general election, Lord Rose painted a challenging picture for the political landscape. He suggested many voters are likely to feel disappointed with the Government they elected, while also doubting the Conservative Party’s ability to recover in time to present a credible alternative.
In that context, he argued that voters could face a stark choice between Labour and Reform.
Asked how he would vote, Rose said: “I would vote for another Labour government, but I would want some change in the meantime.”
Pressed on why he would support Labour again despite his criticisms, he framed the decision as a pragmatic one for business and the economy.
“Well it’s a question of degrees of pain, isn’t it? If I can’t have a resurgent Conservative Party… or I’ve got the alternative, which, frankly, is supping with the devil.”
The full interview will be broadcast on LBC’s Nick Ferrari at Christmas, Christmas Day at 1pm on LBC.
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