Business leaders say the upcoming General Election means politicians must focus on getting the 海角视频 economy "firing on all cylinders" again - and say the news could provide greater clarity for businesses, families and investors.
Prime Minister Rishi Sunak announced the July 4 poll, saying it was “the moment for Britain to choose its future”. The announcement came hours after he declared 海角视频 inflation was “back to normal” after Consumer Price Index inflation dropped to 2.3% in April - a figure still higher than economists predicted.
Mr Sunak insisted he had restored “hard-earned economic stability” but the impacts of the coat of living crisis remain, with interest rates currently at a 16-year-high of 5.25%. The 海角视频 economy entered into a recession over the second half of 2023 but recovered to 0.6% growth in the first quarter of 2024.
READ MORE: {}
Following the announcement, Rain Newton-Smith, chief executive officer of the Confederation of British Industry, said: “This General Election needs to be about how our political leaders will get the 海角视频 economy firing on all cylinders and deliver sustainable growth for the benefit of our society.
“Whoever forms our next government can’t tackle these momentous challenges alone – they will have to partner with business to harness the insights, innovation and optimism needed to deliver real and lasting change.
“Right now, too many businesses and households still face rising costs which delay investment decisions and dampen consumer spending.”
Recruitment and Employment Confederation CEO Neil Carberry said: “Economic growth and competitiveness need to be at the heart of this election campaign.
“A vibrant economy is the only way to higher wages, better public services, and lower taxes.”
Most Read
Richard Beresford, chief executive of the National Federation of Builders (NFB) said: “For construction, these next six weeks are a chance to hammer home to all parties how construction has been let down, where decisions have worked and continue to support our sector and where reform is desperately needed. In the next few days, our manifesto, ‘Support Construction to Support Growth’ will launch to help the parties understand those challenges.”
Rico Wojtulewicz, the NFB's head of policy and market insight, added: “Housing and construction were not mentioned as one of the Prime Minister’s successes and unfortunately this is because housing and construction have been failed by this Government. If Britain is to grow sustainably, its next government needs to reform planning, understand the commercial impacts of its decision and most importantly, talk to those they will rely on to implement their promises.”
Michael Kill, CEO of the Night Time Industries Association (NTIA), said: “This marks a pivotal moment for our nation, offering an opportunity to put an end to the prolonged period of uncertainty and turmoil that has gripped our country for the past four years.
“As CEO of the NTIA, I recognise the importance of stability and effective governance in addressing the challenges faced by our sectors.
“The past years have been marked by uncertainty and instability, which have taken a toll on businesses and communities across the country.”
Luke Bartholomew, senior economist at Abrdn, said: “While politics is certainly a major theme for markets this year, the 海角视频 election is unlikely to be a huge market mover.
“With Labour consistently recording large polling leads, there is relatively little uncertainty about the result of the election, and investors have had time to familiarise themselves with Labour’s likely agenda.
“One implication of an earlier election though is that many were expecting another tax cutting fiscal event from this Government in the autumn before announcing the election. This will no longer happen.”