Britons don't trust Big Business - so they voted for Brexit, says GEOFF HO
Big Business has a struggle on its hands to regain the public’s trust and Friday’s stunning referendum result shows that the gap between the two sides is a yawning chasm.
There is a huge chasm between the City and everyday Britons
Despite all the acres of memos that were sent to staff, the adverts in newspapers, pleading by industry leaders, as well as forecasts and surveys, the public decided that Britain’s economic and financial interests would be best served by leaving the European Union.
It is going to be a long time before the public starts to trust business again
Notably, some of the biggest backers of Brexit were the areas where the dominant employer is a foreign corporation.
Despite the pleas of Japanese car giants Nissan and Honda, the people of Sunderland and Swindon gave convincing victories to the Leave campaign.
There are a number of explanations for this. However, I would bet that the vast majority of people simply do not believe a word spoken by business leaders. It is going to be a long time before the public starts to trust business again, but the way to do it is straightforward.
Trust with business among the public is at an all-time low
First, treat your customers fairly and make sure that they get great service.
Second, be honest and transparent.
Third, make sure that pay deals for executives are fair and that they suffer when the shop floor suffers.
If business could stick to Morgan Stanley's founding mantra, perhaps they can regain public trust
Honda is just one of the companies that pleaded with the British people to vote Remain
The best leaders are always seen to be living and fighting alongside their men. Investment bank Morgan Stanley was founded on the mantra of “first-class business in a first-class way”.
If British business does that, it can start to close the trust deficit.