Letter: Our national wealth was squandered

Sir: The article "Movers and shakers line up to support main parties" (18 March) declared: "The chief executive of Nissan, Ian Gibson, showed his preference when he argued that Labour's support for the Social Chapter could damage the competitiveness of British companies." I was then listed as "coming out for Major".

At no point in my evidence to the Education and Employment Select Committee did I comment on Labour's support for the Social Chapter. What I said was: "The Social Chapter, so far as it exists at present, ie legislation and after, has zero effects on us." I added: "The reason the Social Chapter gives rise to concern is not because of any present standards it has enacted but because, as I understand, it is essentially enabling legislation." I emphasised that business needs to assess risk and to minimise it wherever possible. These are views that I have expressed for a number of years.

The inference of The Independent's article is that Nissan has expressed a preference for one political party over another. Nissan's position remains unchanged. We will always work with the government of the day and we place a stable macro-economy and low inflation high on our list of priorities.

IAN GIBSON

Managing Director and Chief Executive

Nissan Motor Manufacturing (UK)

Sunderland, Tyne and Wear