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New Prime Minister must restore business confidence, says BCC

Reacting to the announcement of the new Prime Minister, Shevaun Haviland, Chief Executive of the British Chambers of Commerce (BCC), said: “We would like to congratulate Rishi Sunak on his appointment as Prime Minister.

“The political and economic uncertainty of the past few months has been extremely damaging to UK business confidence and must now come to an end.

“The new Prime Minister must be a firm hand on the helm to see the economy through the difficult conditions ahead.

“That means establishing fully costed plans to address the big issues facing businesses; skyrocketing energy bills, labor shortages, rampant inflation and rising interest rates.

“We can’t afford to see more policy flip-flops – UK businesses need a long-term sustainable economic plan they can believe in.

“The BCC is writing to the Prime Minister to outline the actions needed to address the main challenges facing businesses. It is essential that we see progress in these areas to keep the doors open and promote investment.

“First, the government needs to provide more certainty on the business energy support package and communicate quickly on how the system will work from April. Businesses need to know what support to expect in the medium and long term.

“Second, they need to address the extremely tight labor market. Without the skilled people to perform the tasks businesses need, the economy will stagnate.

“Third, to grow the economy, the government must define a strategy to boost our international trade and exports.

“People run businesses and businesses depend on people. The new administration must understand that the cost of living and cost of doing business crises are two sides of the same coin.

“We need a clear long-term vision of how the new Prime Minister will meet the challenges ahead and create the business conditions that will allow businesses and the communities that depend on them to thrive.