Nearly three-quarters of politicians have no experience in business management or financial services, according to Parliamentary research.
A study by research consultancy ComRes found that 72 per cent of MPs have never worked in business or financial services while only 21 per cent have more than five years experience and 13 per cent have 10 years or more.
In the House of Lords, 29 per cent of peers have worked in business or financial services for five years or more and 24 per cent have more than 10 years experience. Fifty-five per cent have never worked in business or financial services.
Only 14 per cent of Euro MPs have experience, with 9 per cent working in business or financial services for more than five years and only 5 per cent for more than 10 years.
The Northern Ireland Assembly is one of the least experienced, with only 16 per cent of MPs having had any business experience and only 3 per cent having more than 10 years. Politicians in the Scottish and Welsh assembleys are similarly inexperienced.
ComRes also surveyed 50 business leaders about how business-savvy they find politicians. Seventy-nine per cent say that too few UK and European politicians have proper business experience while 86 per cent say that legislation is often passed without sufficient regard to the impact on business.
Philip J Milton & Co managing director Philip Milton, who is standing as Conservative candidate for North Devon at the next general election, says: “It does not surprise me at all. This inexperience is directly correlated to the constant and hugely damaging changing of financial services goalposts.”