Exclusive: London’s businesses back Labour ahead of mayoral election

London’s businesses have given their backing to Labour, according to polling data shared with City A.M., as the party holds a 15-point lead heading into the mayoral election this Thursday.

In a vote of confidence from the capital’s business community, fresh polling from Savanta found 50 per cent of company bosses in London thought a Labour government would be best for business.

The Conservatives trailed at 35 per cent in London, the pollsters found, while across the whole of the UK Labour were on 46 per cent, versus the Tories’ 33 per cent.

It comes as Labour candidate Sadiq Khan and Conservative rival Susan Hall are set to go head-to-head in their battle to govern City Hall on Thursday, May 2, with the ballot to take place under first-past-the-post rules for the first time.

Chris Hopkins, Savanta’s political research director, said: “Labour continues to maintain commanding leads over the Conservatives among UK business leaders, and that is just as true in London as everywhere else. 

“Businesses appear to be unmoved by falling inflation and a slightly rosier economic picture, implying they may have simply just ran out of patience with the Conservatives.”

According to Savanta’s Business Tracker, Labour has repeatedly achieved a significant lead over the Conservatives among UK firms.

The party scored a 13-point lead in this month’s poll, down from a joint record-high of 14 points in March.

But for the first time since September 2023, Chancellor Jeremy Hunt has drawn level with his counterpart Rachel Reeves on who is best for businesses, both on 30 points.

Reeves previously held a three-point lead over Hunt in March’s business tracker, with the Labour shadow chancellor on 32 per cent to her Conservative rival’s 29 per cent.

“Labour candidates – including Sadiq Khan in London – have repeatedly said they are now the party of business,” Hopkins added. “That is backed up by our research, with business leaders in the capital and across the country much more likely to think Labour is better for business than the Conservatives.”

Labour and the Conservatives have been contacted for comment.