Furthermore we hear rumours that several high-profile companies are planning to abandon their traditional allegiance to the

Furthermore, we hear rumours that several high-profile companies are planning to abandon their traditional allegiance to the Conservatives to woo Mr Blair instead. It has been a long march from the banner-led rallies to the boardroom. Gallons of gastric juices have been spilt on white wine and prawn cocktails along the way. At last business is willing, if not yet entirely convinced.
But Mr Blair should beware the temptation to trim his policies any further to suit some notional business palate. Labour’s economic and industrial policies are broadly sensible and good for business. If industrial and financial leaders are still hostile to new Labour, it is because they are too cautious, or too prejudiced, or because they fear that old Labour is waiting in the wings.

It would be a mistake for Labour to compromise on the few remaining policies that the business community actively dislikes (such as the minimum wage) just to try and boost business support further.Official party policy, and the warm words emanating from Tony Blair and Gordon Brown, should be encouraging for business. Governments serve the private sector best if they promote steady growth and avoid the chaotic boom-bust cycles that destroy so many good companies. Gordon Brown’s statements about inflation targets, and the borrowing rules he would follow, are as promising as anyone could expect from an opposition party, and are close to the Government’s official position too.Where Labour has attempted to differentiate itself – on education and skills – business should have even more to hope for. As more and more economic activity depends on human capital rather than physical capital, businesses will benefit from any improvements in the skill base of the nation.In Europe too, the absence of a belligerent Euro-sceptic tone (so far) within the Labour Party should be reassuring for exporters. In contrast, the Conservative right’s antagonism to Europe could jeopardise British companies’ ability to compete in a single European market. Even on red tape, that obsession of small businesses, Labour is making the right noises about avoiding new regulations, and refusing to turn back the clock on trade union legislation.In spite of all this sensible stuff, many senior industrialists and financiers remain unconvinced.

They may be less willing to criticise Labour openly these days, they may even want to shake hands with Mr Blair, or go to lunch with Mr Brown, to press their particular cause Tony Blair is attracting the pals of power But these are fickle friends. Behind the lunches and the lobbying often lies a resolute Conservative supporter. Few senior business leaders are yet prepared to mark their cross beside the Labour candidate next year. Even at yesterday’s much-heralded conference, big business leaders were not much in evidence; they had sent along their public relations people instead.Faced with such persistent scepticism, new Labour may feel tempted to adapt a few other policies too, just to win a bit more private-sector support. That troublesome minimum wage, for example: just think what a fuss small firms and retailers make about it – it could be toned down a little further, or delayed a little longer Mr Blair should resist such pressures. A minimum wage, set at a sensible level, is essential protection for the poorest of workers and for the taxpayer’s pocket. Moreover, many companies are gradually coming round both to the minimum wage and to the supposedly reviled Social Chapter.Many of the business leaders who still resist Mr Blair’s charming smile will never be persuaded by an opposition Labour Party.