How UK Labour stopped worrying and learned to love Davos

LONDON — Britain’s Labour Party wants everyone to know it’s in Davos this year. It wasn’t always like that. 

With a general election looming, U.K. Labour leader Keir Starmer has dispatched two of the most senior members of his team — Shadow Chancellor Rachel Reeves and Shadow Business Secretary Jonathan Reynolds — to capitalize on the high-level meetings and business-friendly photo opportunities on offer at the annual World Economic Forum.

Reeves will use an event hosted by the investment bank JP Morgan on Wednesday to pledge to “restore Britain’s reputation as a place to do business” on the world stage.

But it’s on the home front where Labour strategists are desperate to highlight her message — and relentless schedule of meetings.

“You will have, in one small village in Switzerland, global investors and businesses — I will be able to see a huge number. It’s incredibly intense. From the moment I get there to the moment I leave, it’s just non-stop meetings with business leaders,” Reeves told the Times newspaper in an interview ahead of the trip. 

Labour’s embrace of the exclusive Swiss gathering comes in stark contrast to the stance taken under previous leader, the radical left-winger Jeremy Corbyn. He branded it a “billionaires’ jamboree,” accusing government ministers heading to the snowy Swiss peaks in 2019 of wasting time rather than fixing the mess of Brexit.  

But Starmer’s party sees electoral merit in joining in, and he has been emboldened by a commanding lead in the polls, which currently puts him 18 points ahead of the ruling Conservatives.

Reeves in particular, who would be the U.K’s first female chancellor if Labour maintains its poll lead, believes showing the economy will be safe in her hands is key to the party’s electoral success.

“For voters Davos can seem distant. But, politically Labour being seen on the side of business is a proxy for being trusted on the economy,” said one Labour official directly involved in discussions around the trip, but not authorized to speak on the record.

“It’s important for our electoral strategy and the central pitch for Rachel: you can trust me with the economy,” they added.  

It works both ways. Labour’s commanding poll lead has made a meeting with Reeves or Reynolds an increasingly hot ticket in Switzerland. The Labour official quoted above said the Labour team had been inundated with requests, and forced to turn down meetings and appearances. 

Back on the world stage

Pollsters can see the merits of showing up in Davos too. 

“So much of Starmers project has been to emphasize a clear break with Corbynism and that wing of the party. This is an extension of that,” Scarlett Maguire, director at pollster JL Partners, said.

Britain’s Labour Party wants everyone to know it’s in Davos this year | Fabrice Coffrini/AFP via Getty Images

“Increasingly, we’re seeing him look more like a prime minister in waiting, and shaking hands with world leaders, being at these events on the international stage will, I think, help that, and I’m sure it will also make people think that he looks like he can already do the role,” she added. 

While Maguire acknowledged Starmer could be losing some of Labour’s 2019 voters “by pursuing stuff like Davos,” she said “signaling economic competence” and “not scaring the horses”  was crucial to holding and winning over those who voted Conservative in 2019. 

James Schneider, Corbyn’s former director of communications and founder of the campaigning group Momentum, remains skeptical however. 

Corbyn had rejected Davos as it “represents ‘the few’ talking to themselves about how they can maintain their wealth and power,” he said.

“Corbyn’s politics were all about advancing the wealth and power of the many. His politics and political projects are antithetical to that of the World Economic Forum’s,” he added.