Inside the Labour Party conference

Despite the election of a new leader, this year’s Labour Party conference in Manchester had a distinctly 'morning after the night before' feel.

No longer is it necessary to join a long queue just to get inside the high-security fence encircling the conference venue. And once inside, the bars and corridors are noticeably quieter than when Tony and Gordon were in charge.

The exhibition space too reflected Labour’s diminished status, back in opposition after 13 years, with less corporates and more campaigns taking stands.

It is safe to assume that Birmingham, where the Tories gather next week, will be a lot busier.

Anti-finance leanings

Nevertheless, the insurance industry was out in force at this week’s Labour gathering, clearly anxious not to be accused of partisanship.

Alistair Darling, in his swansong conference platform speech, defended the financial services contribution to the UK economy.

But elsewhere, Labour’s anti-finance leanings were stirring.

ABI general insurance director Nick Starling reported that he was heckled after daring to put the case forward that private insurers have a stronger role to play in the provision of social care.

Elsewhere, erstwhile Tony Blair and Peter Mandelson confidant Lord Liddle suggested that allowing some financial services companies to leave the UK was a price worth paying for a tougher system of financial regulation.

Down but not out

Then Ed Miliband used his first conference speech as party leader to signal that Labour would support a tougher line on City regulation than it had while it was in government.

However, while some in the industry may feel that it is safe to ignore Labour’s goings on, this would not be a prudent course of action.

Labour has just recorded its first opinion poll lead in years, and the coalition government has not even unveiled its widely trailed cuts. It is possible that Labour will be celebrating being back in government sooner rather than later.