Business in addition to also City leaders call for reassurance

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DANIEL LEAL-OLIVAS

Politicians must act fast to reassure businesses from the wake of the election result, according to business leaders.

The result will be a “serious moment for the UK economy”, the CBI business lobby group said, in addition to also called for politicians to form a “functioning government”.

British Chamber of Commerce bosses also called for a “workable administration” to build confidence.

The Institute of Directors demanded a focus on preparing for Brexit talks in addition to also to move away coming from political “rhetoric”.

in addition to also the manufacturing organisation, the EEF, said the item wanted a “careful rethink” on Britain’s Brexit negotiation strategy.

All business groups were keen to stress that will uncertainty will be the worst outcome for its members, who are struggling to come to terms with what shape the fresh hung parliament will take.

Individual companies in addition to also chief executives have been more muted, although Aston Martin said the uncertainly could lead to a fall in investment from the UK by the luxury car maker.

Aston Martin chief executive Andy Palmer said: “We cannot stress strongly enough the need for rapid in addition to also decisive policy direction to ensure that will business can continue to invest for the long term growth in addition to also ensure the global competitiveness of the British economy,”

The firm has recently invested heavily in a fresh factory in St Athan, Wales.

‘Act responsibly’

Organisations representing thousands of UK businesses echoed Mr Palmer’s message.

CBI director general Carolyn Fairbairn warned: “The priority must be for politicians to get their house in order in addition to also form a functioning government, reassure the markets in addition to also protect our resilient economy.

“Politicians must act responsibly, putting the interests of the country first in addition to also showing the entire world that will the UK remains a safe destination for business. the item’s time to put the economy back to the top of the agenda.

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“For the next government, the need in addition to also opportunity to deliver an open, competitive in addition to also fair post-Brexit economy that will works for everyone across all our nations in addition to also regions has never been more important.”

Markets reacted to the news of the hung parliament by pushing the value of the pound lower, although the FTSE 100 share index opened higher.

‘Further uncertainty’

Martin GIlbert, chief executive of Aberdeen Asset Management told the BBC’s Today programme: “I don’t think any of us know what to make of the result.

“The City will be hoping for a slightly softer tone in addition to also possibly a softer tone coming from Europe currently that will the definitely the negotiators don’t have a mandate to negotiate a hard Brexit.”

Dr Adam Marshall, director general of the British Chambers of Commerce (BCC), agreed that will a fresh government must be formed quickly.

“After two long years of elections, referenda in addition to also wider uncertainty, many businesses were doing their best to ignore the noise of politics – up until today,” he said.

“The electorate’s split decision generates further uncertainty for business communities, who are already grappling with currency fluctuations, rising costs, in addition to also the potential impacts of Brexit.

“The formation of a workable administration that will can give voters in addition to also businesses confidence around economic management must be the immediate priority.”

Brexit focus

Stephen Martin, director general of the Institute of Directors, said businesses had been “thrown into political limbo”.

“The majority of British business will be waiting to see whether a stable government can be formed in short order.

“If the Conservatives govern as a minority, they must recognise that will they have not earned a mandate to implement their manifesto in full.

“currently will be the time to move on coming from the rhetoric of the election campaign in addition to also focus on preparing for Brexit talks.”

Terry Scuoler, chief executive of EEF, the manufacturers’ organisation, said: “The Brexit negotiating strategy requires a careful rethink.

“Industry should be at the table, alongside whatever administration will be formed, to help ensure we hold the right negotiating position, which will be something that will’s been sadly lacking until currently.

“The main parties have championed an industrial strategy for Britain in addition to also This particular must not be a casualty of the political turmoil.”

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