As UK election campaigning continues, the major parties are being asked to “commit” to “setting ethical expectations of businesses”.

The call comes from the Institute of Business Ethics (IBE), which this week released an annual survey showing that trust in politicians, business and the media to behave ethically is at its lowest level in four years.

Only 14% of the more than 2,000 adults polled for the survey could say politicians behaved ethically, while business scored just 35% and the media 21%.

Ian Peters, director of the IBE, said in an open letter to party leaders that the general election should be an “opportunity” to reset standards and ethics in public life, “including business”.

He adds business has “purpose” beyond profit. “Our ask is that all political parties commit to setting these minimum ethical expectations of businesses that they work and that you commit to dialogue with us and others to develop the guidance and support needed to make it happen, once elected.”

Trust in politicians and politics has been an issue in the current general election, with voters reporting little faith in politicians to do the right thing.

A series of events has eroded trust, including the Partygate scandal, when Downing Street officials and politicians were found to have broken Covid lockdown rules, concerns about the allocation of PPE contracts, the Post Office scandal and a general view that politicians cannot be relied upon to represent facts and policies in good faith.

Business ethics in the spotlight

However, business has its issues too, with the public sceptical on a range of topics.

The IBE reports that its survey found the ethical business issues of greatest concern were corporate tax avoidance (43%), bribery and corruption (30%) and executive pay (28%). (Since last year London Stock Exchange chief executive Julia Hoggett has led a campaign to push up executive pay levels.)

There are also concerns about the ability of employees to speak out on “company wrongdoing”, a worry that may have been intensified by high-profile sexual harassment and whistle blowing cases.

Ian Peters says trust in business, politicians and the media has been eroded by a “fall in standards in public life,” and that voters will be on the lookout for a new government to address the issue.

“The cost-of-living crisis and ongoing price inflation are likely to have contributed to a sense of unfairness when it comes to financial issues such as tax avoidance, corruption and executive pay,” adds Peters.

A new government will have many jobs to do after the election on 4 July. Rebuilding trust in key institutions is undoubtedly one of them.