Tories tool up for economy scrap

One of the messages which Kemi Badenoch hoped to convey in her recent reshuffle was about the thinking that she has done on how different ministries interact with each other. In government, the Tory leader was frustrated by the relationship between the Treasury and her Department for Business and Trade. Her new creation of different ‘units’ for shadow ministers is designed to prevent the silos which spring up in Whitehall. Andrew Griffith, the new shadow chancellor, now leads one on the economy, which also comprises Claire Coutinho and Richard Fuller.

It is part of the Tories’ push to prove that they are the most trusted party on the national finances. In the wake of Labour’s Budget and with Reform openly embracing a turn towards ‘economic nationalism’, the Conservatives hope to reclaim the mantle of fiscal conservatism. One way by doing that is rebuilding the party’s links with business. Griffith, in an interview with The Spectator last month, made clear that he believes his connections in the City are one of his main selling points as an economic message carrier and potential Chancellor.

It can now be revealed that his recent hiring spree has extended to include a new name tasked with working in this area. Tim Dier, a chartered accountant and fifteen year veteran of financial markets at Morgan Stanley, will start next week as Griffith’s Head of Engagement and Senior Political Adviser. A life-long Tory, he has run a financial services consultancy since 2021, is currently on the revamped candidates’ list and is a Thatcher fellow at the Centre for Policy Studies, the think tank founded by the Iron Lady.

The hire is part of Griffith’s attempts to engage with industry, coming at a time when much of the City views itself as politically homeless. Dier, who takes on the paid role full-time, will also cover parliamentarians, think-tanks and assist in forming economic policy too. His recent work includes criticisms of Public Financial Institutions, known as the PuFins – so expect to see Griffith talk more about clipping their wings in the future.

At a time when both the Conservatives and Reform are battling it out for top free market talent, Dier’s hire will be interpreted as a positive sign by some Tories about their party’s willingness to back up their talk with additional personnel too.