Tories win backing from business chiefs

Labour's claim to be the party of enterprise was challenged today by business leaders and industrialists.

In a letter to the Financial Times, 67 industry figures backed Michael Howard's plans to control spending and lower taxes.

Signatories include Sir Christopher Gent, chairman of GlaxoSmithKline; Lord MacLaurin, former chairman of Tesco; JCB chairman Sir Anthony Bamford; and Telstar record company chairman Sean O'Brien.

It says: "A Conservative government would keep spending and borrowing under control and keep taxes down. In contrast, the Labour government has a black hole in the public finances of several billion pounds and, if a Labour government were re-elected, increased taxation would be the most likely way it would plug that gap."

It is the Tory response to a letter to the FT this week from 63 business leaders backing Labour's handling of the economy. Although the Tories can claim four more signatories than Labour, the figure of 67 is far smaller than the 144 names on a similar letter published in the Telegraph before the 2001 election.

Among Conservative supporters who signed last time but have not put their name to the FT letter are former trade and industry secretary Lord Young, Sir Clive Thompson, Sir Frank Williams and film producer Matt Vaughn.