Business West responds to the PM’s resignation

Reacting to the PM’s resignation, Phil Smith, Managing Director of Business West, said:

“The resignation of Liz Truss and the leadership contest to appoint the third UK Prime Minister this year shows the political instability that has characterised the UK in recent weeks. This harms business certainty and viability just at a time that they need to plan for a difficult winter. 

“Business West emphasises the need for calm and competent government to deliver strategic direction for the economy during a period of chaos and uncertainty. 

“Firms are facing a myriad of issues as inflation reaches a record high and the labour market remains tight and with energy bills potentially soaring again in April.

“Our recent survey found that business concern about inflation is at a record high of 73%, while business confidence is at an unprecedented low of 9%, compared with 32% in the depths of the pandemic. This is unsustainable.

“It is crucial that the Conservative Party comes to a decision on a new leader who can return both political and economic stability.”