Instead of focusing on redistribution, equality and an interventionist state, Labour is fighting this election on the economy.
Jamie Dimon, head of the world’s biggest bank JP Morgan, has praised “pro-business” Sir Keir’s commitment to growing the economy. Sir Keir’s mantra is “growth, growth, growth”.
But Lord Spencer doesn’t buy it.
“They may talk the talk on promoting growth, but will they actually walk the walk? I am profoundly sceptical,” he says.
In his view, Sir Keir is “not a Tony Blair”, and he fears that this could be the “most Left-wing [Labour] administration this country has ever had”.
“They’ve done a very good job at not frightening the electorate by representing that they’re very moderate and centrist,” Lord Spencer says.
Jeremy Corbyn is now standing against Labour as an independent candidate, risking exacerbating a split between Labour’s leaders and the Left wing of the party.
Although some business leaders fear being blindsided after the election, many have been frustrated with UK politics for years and have expressed a hope that Labour won’t fall short at the ballot box.
The Tory Winter Ball at Whitehall’s former War Office, now luxury hotel Raffles, was described by one senior banker as “the last party on the Titanic”.
A Tory donor who went to the event earlier this year admitted at the time that he had significantly reduced his donations amid fears that the party faced defeat.
Tory donors who have switched to Labour include Richard Walker, the boss of supermarket chain Iceland, while ex-Bank of England governor Mark Carney is helping Reeves in her attempt to become chancellor.
Labour officials are confident enough to have emailed business leaders last week urging them to support the party in public. At the time of writing, bosses who spoke to The Telegraph said they were yet to receive anything similar from the Conservatives.
Lord Spencer acknowledges all the criticism against the party he has donated millions to but also thinks the Conservatives have been dealt an unfair hand.
“The Conservative Party have received legitimate criticism for their performance but bear in mind they had to take over from the financial crisis, the wash over from Brexit and also Covid,” he says.
“I believe they could have done a better job, but the past period for the Tories has had some very big earthquakes in the global landscape.”
The problems still facing the country are huge and Lord Spencer has a list of challenges which he believes need to be tackled urgently.
First up is the country’s ballooning Civil Service. The state now accounts for around 45pc of GDP, with one in six people now working for the public sector.