“Conservative Party Receives Overwhelming Support from Business Managers, According to Survey by SpareBank 1 SR-Bank”

SpareBank 1 SR-Bank conducts a major company survey three times a year. Here, the bank asks about the status and outlook going forward, called the Economic Barometer. The barometer itself will be presented on 5 June.

This time the bank has also asked 600 business managers in Rogaland, Vestland, Agder and Greater Oslo about which party in their municipality has the best conditions for the business.

The verdict is crushing. As many as 54 per cent of company managers answer that they vote Conservative. Only one in twenty leaders will vote for the two governing parties. The Labor Party gets a paltry 2.8 percent in support.

Surprisingly weak

– Initially, I expected a bourgeois majority among company managers. Nevertheless, it is surprising that the Labor Party receives such little support. I had thought the Labor Party had passed 10 per cent, says chief economist Kyrre M. Knudsen at SpareBank 1 SR-Bank to Nettavisen.

SR-Bank has asked questions about framework conditions in the municipality. Knudsen nevertheless guesses that company managers answer in a slightly larger context.

And, the figures are actually even better for the Right. One in four leaders has not stated a party. The right’s support is over 70 per cent among those who have made up their minds.

– What is your explanation for the skewed distribution?

– Part of it probably depends on political predictability. For the first time in many years, we have a new type of uncertainty about framework conditions. This applies both among the industries that are affected, but also on other fronts.

– There is a reason why so many are now moving to Switzerland. They feel that Norwegian framework conditions have worsened, or they fear that it may get worse in the future. But Norway has a good starting point for having good framework conditions. We are a rich country with a high level of trust between people, emphasizes Knudsen.

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A clear signal against the government

– How serious is it that the government parties have such low trust among business leaders?

– It is a clear signal from the company managers that they are not satisfied with the policy that has been pursued. They expect recovery or that someone else is in charge. It is quite serious, replies the chief economist.

He believes it is difficult to say what is a “normal” distribution of answers among business managers.

– They are not quite like most people. But not everyone manages thousands of employees. We have many small and medium-sized businesses that live off and with the local community, says Knudsen.

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Politics is becoming increasingly important

When asked which political issue is most important to the company, half of the managers answer predictable framework conditions. One in three emphasizes infrastructure and transport.

– We have many thousands of business customers with whom we are in contact at various levels. We notice that politics is becoming increasingly important to them, especially when the framework conditions and predictability are challenged or at stake, says Knudsen.

– What do you want with the survey?

– We are concerned with business, and politics is obviously important for companies. We therefore want to know more about this, especially when we enter the short election campaign.

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The leper: Pill rotten crown

Investor Øystein Stray Spetalen recently slaughtered the Norwegian krone in DN and called it “pill the rot”. Industry Minister Jan Christian Vestre (Ap) defended the government. He said, among other things, that higher investments have never been recorded in mainland Norway than now.

Vestre pointed to the creation of over 100,000 new private jobs in 2022. Exports are increasing, unemployment is at record low levels. Employment has not been higher since the financial crisis.

– The simple thing is to add up what has been invested. But the postponed investments within aquaculture amount to several tens of billions of kroner. It is not useful to just look at what has been invested. You also have to look at how much would have been invested if the changes hadn’t come, says Knudsen.

He says worse conditions for business do not make the krone more attractive.

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Keep the weak crown

– But paradoxically, a weak krone makes it all the more attractive for foreigners to invest in Norway. A dream scenario now is to remove the uncertainty but keep the weak krone.

Knudsen is concerned about the discussion we have had about the taxation of ground rent for farming and hydropower.

– We are in the middle of a green shift. Then we have to be careful about how the tax changes take effect when we tax hydropower and wind on land, he says.