The Tory election chief’s own company admitted Britain’s “economic misery” has been “made worse by our politicians”.
Stephen Massey has taken over the duties of the Conservative Party Chairman following the sacking of Nadhim Zahawi.
The millionaire banker will run the Tory local election campaign.
But now it has emerged the City firm where he continues to work on the side as chairman has issued a warning about the competence of the government.
In a scathing note to investors, it said the country, which has been under Tory rule for 13 years, has “big issues” that will lead to “insipid growth”.
An investment outlook by Canaccord Genuity for the coming year said: “The easiest region to discuss is the UK and Europe, both of which have big issues, made worse by our politicians and our structural weaknesses… we should prepare ourselves for a prolonged period of insipid growth.
Rishi Sunak appointed Mr Massey as Conservative Party chief executive in November.
He also has been handed the responsibilities of the Party Chairman on an interim basis after Mr Zahawi was found to have not told the truth about an HMRC investigation he faced for not paying enough tax.
Mr Massey remains chairman of Canaccord Genuity, the wealth management firm where he has worked for the past decade.
On its website, it boasts that it helps its rich clients invest "in the most tax-efficient manner".
Mr Massey has donated £343,000 to the Tories including £25,000 to Mr Sunak’s leadership campaign.
Labour's Pat McFadden last night said: “The list of people telling this government that they need to deliver a proper plan for growth gets longer by the day."
The Shadow Chief Secretary to the Treasury added: “We do not have to go down this path of denial and managed decline. Britain has huge potential and we can grab this problem by the horns and get our economy growing.
“Labour speaks to businesses and working people every week about the ways we can start leading on the industries of the future, but it seems the government is going round with its fingers in its ears.”
Earlier this week, the Mirror revealed that clients of Canaccord Genuity had launched legal action against the company in 2019 after it advised them to put their money into a film investment scheme that was targeted by the taxman.
They complained that an HMRC crackdown had left them with huge bills.
A spokesman for Mr Massey has insisted he had “no involvement in the advice related to this case, which arose in a company acquired by Canaccord before he was employed by the firm”.
The spokesman said: "Mr Massey is unaware of the comments made. As a non-executive chairman, he has no personal involvement in the content of Canaccord's investment outlooks."
Mr Massey has donated £343,000 to the Tories including £25,000 to Mr Sunak’s leadership campaign.
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