Conservatives have 'lost their way' with business, warns government minister

Conservatives have "lost our way" with businesses, a government minister has warned, as he urged his party against a "Trumpian" shift towards economic nationalism.

In remarks ahead of the Tories' annual conference in Birmingham, the universities minister, Sam Gyimah, pleaded with his colleagues: "We need to realise we are the party of business or we are nothing".

It also comes as another Tory MP George Freeman - formerly a policy adviser to Theresa May - warned that unless the party reconnects with under 45-year-olds, the Conservatives risk becoming a "rump party of nostalgic nationalists".

In what appears to be a swipe at Brexiteers and the former foreign secretary, Boris Johnson, for dismissing businesses' concerns in recent months, Mr Gyimah said: "When we Conservatives veer between talking business down, ignoring voters' concerns, and telling businesses to shut up - or worse - it is a sign we have lost our way."

Writing in the House Magazine, he continued: "Sometimes we appear to accept criticisms of capitalism at face value and feel the need to respond accordingly - a futile task. At other times, we seem to want to take on the mantle of Trumpian economic nationalism and protectionism.

"And sometimes we just reach for the old playbook, implying that if we simply deregulate and cut taxes, all will be fine. At other times we try to do a combination of all of the above."

The universities ministers added that while attacking Labour is "necessary", it is "not sufficient", and called for a "true renaissance on the right" with people coming forward with new ideas to make the case for open markets.

"Yes, we need to be honest about the failings of capitalism, while making the case that it's the best system we've got," he wrote.

"But when I look at how we on the centre-right have reacted to the perceived failing of capitalism, I can't help thinking we have lost our way."

Ending his article, the minister adds: "If we want to be the party of the future, we need to unscramble our compass, find our way, and proclaim our plan. This battle is being fought now - and it is one we have to win, because - and it is one we have to win, because Corbyn & co will change our country dramatically for the worse."