Johnson return to No 10 ‘would not be welcomed by businesses’

‘[It] would not be well received… because people would not have a clue what his economic policy was’

BUSINESSES would dread the prospect of Boris Johnson returning as prime minister, according to the chairman of Natwest bank.

Sir Howard Davies responded “oh dear” when asked how the markets might react to the former Tory leader winning back his job. His remarks came after a record £1million donation to Mr Johnson prompted further speculation that he is planning a comeback.

Christopher Harborne, a technology investor who previously bankrolled the Brexit Party, handed over the sevenfigure sum last month. It was declared 48 hours after the former prime minister had rallied supporters with a speech at the Carlton Club in central London.

Mr Johnson issued a crowd-pleasing pitch for lower taxes in his address, delivered at an event to mark the unveiling of a new portrait of himself. But he faced revelations about his personal finances last night after it emerged that he had benefited from an £800,000 credit facility while in No10. It was underwritten by Sam Blyth, a Canadian multi-millionaire and distant cousin, as he could not fund his lifestyle on his £164,000 prime ministerial salary.

The arrangement was cleared by the Cabinet Office but officials told The Sunday Times they were astonished at how Mr Johnson was close to “going broke”.

In early 2012, when the facility was put in place, Mr Blyth was being considered for the role of chief executive of the British Council. A spokesman for Mr Johnson insisted that the money was not a loan and his personal financial arrangements “are and were properly declared”. He added that the former Tory leader “did not in any way assist with, and was unaware of ” Mr Blyth’s application to fill the British Council role. There is no suggestion that Mr Blyth did anything wrong. Sir Howard told the BBC that a return by Mr Johnson to No 10 in the near future “would not be well received at this point because people would not have a clue what his economic policy was”.

“Unfortunately, running the country is not quite the same as running his own finances, where it seems that there are mysterious people prepared to fill any budget gaps,” he added.

His remarks came as a senior Tory MP warned her colleagues that Rishi Sunak could not be deposed without triggering a general election. Caroline Nokes, the chairman of the women and equalities committee, said those MPS clamouring for Mr Johnson’s return were “destabilising the party”.

She said: “I don’t think you can legitimately have another prime minister without a general election. I would caution colleagues to look at the polls and decide whether that’s a good idea.

“We need sensible, grown-up politicians who are going to tackle the issues the country is facing with determination, with thought and with careful policies.”