Tories open City charm offensive

Michael Howard is launching a charm offensive to woo City firms to the Conservative cause in a bid to restore its position as the party of business.

The party is inviting top executives to join a new "City Circle" which could influence Tory policy-making.

Tory shadow ministers fear Labour has been able to tap into traditional City support for the Conservatives.

City confidence in the Tories dropped on Black Wednesday in 1992 when Britain crashed out of the ERM.

Policy role?

In his invitation letter about the new City group, shadow chief secretary to the Treasury, Howard Flight, says he wants to involve those business people now keen to see the return of a Conservative government.

He wants to get at least 1,000 members in the Conservative City Circle, all meeting together once or twice a year.

The Conservative Party has for a long time failed to nurture its natural City supporters Howard Flight Shadow chief secretary to the Treasury

The first meeting is at the end of this month at a City hotel.

There will also be committees on different City areas, such as insurance, banking, stock broking and accountancy.

"We are seeking, particularly, to provide the opportunity for members to feed input into relevant Conservative shadow ministers on policy," Mr Flight says in the letter.

Support u-turn

He also says there will be no membership fee but members are asked to "contribute whatever they see fit to the Conservative Party".

The MP told the Daily Telegraph newspaper: "The Conservative Party has for a long time failed to nurture its natural City supporters, and indeed has allowed the Labour Party to subvert our support."

"The City Circle aims above all to reverse that."

Another shadow minister, Andrew Mitchell, is also holding meetings nationwide with organisations such as the Institute of Directors and the TUC, according to the Daily Telegraph.

Talks with Labour-backing trade unions would be seen as an unprecedented move for the Tories.