After fighting talk, the hard choices

FOR British businesses the poll on Thursday presents one of the least appetising choices in living memory. Many executives fear that a Jeremy Corbyn Labour Government would be even harder Left than it sounds. At the same time, many will be hoping that a Theresa May Tory Government will be less hard-Brexit than it threatens.

Despite the narrowing polls there is still only the remotest chance that anyone but May will be in Downing Street next week. Industry will be relieved that Corbyn is not in charge. Too much of his agenda appears to be dominated by fighting the battles of the past – reversing Tory privatisations, for example.

But business is also nervous about the Brexit rhetoric of the Conservatives. Fighting talk over Europe goes down well in the polls. It is not necessarily the way to secure the best deal for Britain outside the EU. Similarly, continuing to make cutting immigration such a prominent policy is worrying. On balance, the free movement of people has made our economy flexible and huge swathes – from farming to hospitality and our top flight universities – depend on this labour market.

Once Theresa May is confirmed as Prime Minister, the populist rhetoric on Brexit must be replaced with the hard thinking and honest analysis (and less bellicose tone) which is necessary if we are to avoid a cliff-edge exit from the EU. Business may well fear that Corbyn has been playing down his Left-wing beliefs as part of his Election strategy. It will also be hoping that Theresa May has been playing up her hard-Brexit tone for the same reason. THE BHS debacle took its toll on Sir Philip Green’s reputation, but it also came at a bad time for his retail empire. Like the rest of Britain’s high street, Green’s other stores, led by Topshop, have been facing difficult trading and as we exclusively reveal will see a drop in profits and no dividend payment to the Green family.

Green’s critics will be pleased he is not becoming significantly richer. His results are better than many will have expected, but there is a key area on which he needs now to focus – online.

The hard numbers for Topshop’s online sales are unknown, but few in the retail sector believe they are growing as fast as they should. Sources close to the group say this will indeed be Green’s focus in the coming months. While Green has a long way to go before the stain of the BHS mess is washed from his reputation, his best first step will be to show that his other operations can be growth businesses again.