Wednesday, May 29, 2024

Businesses react following Liz Truss’s resignation as Prime Minister

Following the resignation of Liz Truss as Prime Minister, seeing her become the shortest-serving PM in history, East Midlands business leaders are reacting.

Mike Staton, director of Mansfield-based Staton Mortgages, said: “It’s hard to imagine it but it’s pretty safe to say Liz Truss is leaving the country in a worse position than she found it. If ever there was going to be a definition of the grass isn’t always greener, Liz Truss has owned it. Liz Truss has made one correct decision in her role of Prime Minister, and she made that today by handing in her resignation.

“However, the fine print needs needs to be checked so that there is no possibility that she can perform another U-turn on this decision. How she ever got voted in shows how much of a farce the current system is. Under no circumstances should another Prime Minister be allowed to have this sort of power without being voted in by the public. Ladies and Gentleman, Liz Truss has left the building, and Thank God.”

Imran Hussain, director at Nottingham-based Harmony Financial Services, said: “Truss and her party have made a mockery of our country and we are simply left with no choice but to have a general election now or be left rudderless moving into the new year. And it’s shaping up to be a brutal 2023.”

Lewis Shaw, founder of Mansfield-based Shaw Financial Services, said: “I’m generally not speechless, and right now is no exception. We need a general election. We cannot have more of this circus. Every day we look more like a banana republic led by donkeys. Everyone I talk to agrees: let’s have an election get it over and done with once and for all, and inject some democracy back into the UK. The game is up for the Tories now; if they can make it as painless a transition as possible because that’s the only honourable thing they can do now, I’m sure we’d all be grateful.”

Tony Danker, CBI director-general, said: “The politics of recent weeks have undermined the confidence of people, businesses, markets and global investors in Britain. That must now come to an end if we are to avoid yet more harm to households and firms.

“Stability is key. The next Prime Minister will need to act to restore confidence from day one.

“They will need to deliver a credible fiscal plan for the medium term as soon as possible, and a plan for the long-term growth of our economy.”

Adam Bamford, COO of Derby-based corporate gift firm, Colleague Box, said: “Another day on the hamster wheel of British politics. What is the point in the time and expense of another leadership race? The Tories are a complete shambles with infighting at every turn. Until we have a general election we are stuck with this cycle of unending mediocrity at the top with jobs for mates. Get us a general election quickly and let us have a say.”

Rachel Hayward, Managing Director of the Derby-based business bids and tenders specialist, Ask the Chameleon, said: “It was clear she could not carry on, as there were no avenues or U-turns left. I am frankly embarrassed by our Government. What has happened to this country? This is a drama even the writers of The Crown couldn’t cook up. So what next? Or who? Can we PLEASE choose someone with credibility and a plan? Oh wait.”

East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire) Chief Executive Scott Knowles said: “One of the roles of Government is to create an environment where businesses can thrive in order to create jobs, stimulate economic investment and generate wealth.

“This endless saga of political instability is anything but that and, once again, businesses are left to pick up the pieces.

“For months, they have had to endure a relentless cycle of uncertainty that has created a zero-confidence environment, hampering their ability to plan ahead and invest.

“They can at least take some consolation from the fact they won’t have to sit through another lengthy leadership election. But once a new Prime Minister is in place within the next week, they will expect the chosen individual to work with firms to find solutions to the increasing pile of challenges they face as the crisis in the cost of doing business deepens.”

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