The Labour party is raising the cost of business engagement at its annual conference this autumn, with a 66 per cent increase in the price of a ticket for its “business leaders’ summit” package.
The rise from £3,000 to £5,000, excluding VAT, follows the party’s landslide victory last year, which means it can offer executives the chance to hear from government ministers during its annual gathering.
Last year, the party sold out its conference “business day” in under 24 hours, after a “Glastonbury-style” rush led to 500 top executives snapping up tickets — raising more than £1mn for the party coffers.
In 2023, the event had been much cheaper with just 200 business people paying between £1,620 and £2,100 plus VAT to attend.
“Ticket prices are unlikely to deter businesses when Labour enjoys such a healthy majority,” said Nick Faith, co-founder of WPI Strategy, a public affairs company. He added, however, that there “may well be a noticeable drop-off in CEO attendance as organisations realise that party conference is not the best use of their time”.
One lobbyist said the prices for the event at the Liverpool conference in September seemed steep but reflected the fact that the party would probably be in power for another four years. “You could call it price gouging or you could just call it the sign of a healthy market economy,” he said.
Another senior lobbyist said that Labour was clearly “doubling down” on business engagement, but had “a bit of making up to do” following an “infamous” business day at the 2024 conference when some attendees criticised a lack of access to top ministers.
One Labour figure said this year’s business summit would be longer, have a more extensive agenda and a reduced capacity, providing an “enhanced experience” for delegates.
In 2023, the event featured round tables with then-shadow ministers, but last year Labour changed the format to make room for more seats, with several attendees noting they had learned little from the discussions.
Labour has claimed that this year’s gathering is “the first of its kind”.
“The Summit will be an opportunity for C-suite executives to network, hear from, and talk to a range of elected representatives including senior politicians,” its invitation said. “The format of the day is designed to maximise engagement, and you will have the opportunity to tailor your day to ensure you are involved in the policy areas which matter most to you and your organisation.”
The ticket includes a commercial balcony pass, a breakfast round-table networking event, a seat at the chancellor’s speech, a networking business lunch “with key Labour politicians” and access to a business drinks reception.
One lobbyist said the revamped business leaders’ summit was a “smart” rebrand with a more selective approach to the guest list.
One person with knowledge of the party’s plans said: “The business leaders’ summit is heavily oversubscribed every year and we’ve already seen significant interest. It’s a great opportunity for business leaders to network and engage with senior politicians on Labour’s Plan for Change.”