Why Britain doesn't trust business any more

The UK had ranked fifth from bottom in the annual Edelman Trust Barometer last year. Now it’s behind only Russia among 28 countries surveyed. James Moore reports

As the City of London prepares for annual report season, trust in British business is at an all time low (Getty)

If business leaders really want understand why a report by US PR firm Edelman found public trust in them is slumping, particularly in Britain which was at its lowest ebb in the survey’s 20-year history, perhaps they might like to consider a story involving a hitherto rather obscure mining company that came out on the same day.

Sirius Minerals tabled grandiose claims about becoming a world leading producer of polyhalite, a fertiliser, through the development of a huge mine in North Yorkshire.

As the working week got underway, it waved the white flag, surrendering to multinational giant Anglo American, which picked up a company once worth more than £1.5bn for just north of £400m courtesy of a 5.5p a share offer. Thousands of small investors who’d backed the business will see their losses crystallised through it, although while the bid might appear derisory it could have been worse.