Can Labour reverse 'desperate loss of faith' from business? Billionaire mobile phone tycoon John Caudwell - a long-time Conservative supporter - switched his backing to Labour. "I think there was a desperate loss of faith from the business community in general from the last Budget," he says. She says she hopes the government can restore business confidence over the rest of the parliament. While anecdotal evidence of crumbling business confidence is not hard to find, official measures show a mixed picture.