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24th October 2022

New PM must restore business confidence

Commenting on the announcement of the new Prime Minister, Paul Slevin, Executive Chair of Chambers Wales South East, South West and Mid, said:

“Congratulations to Rishi Sunak on his appointment as Prime Minister.

“Welsh business confidence has been damaged by the recent political and economic uncertainty and the new Prime Minister must now bring stability and clarity to see the economy through the challenges ahead.

“Businesses in Wales need a sustainable, long-term economic plan with fully costed plans to tackle rising energy costs, inflation, interest rates and labour shortages.

“We echo the British Chamber of Commerce’s call for the Prime Minister to take action on the main challenges facing business so that vital progress can be made.”

Reacting to the announcement of the new Prime Minister, Shevaun Haviland, Director General 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 hugely damaging to British business confidence and must now come to an end.   

“The new Prime Minister must be a steady hand on the tiller to see the economy through the challenging conditions ahead. 

“This means setting out fully costed plans to deal with the big issues facing businesses; soaring energy bills, labour shortages, spiralling inflation, and climbing interest rates.   

“We cannot afford to see any more flip-flopping on policies – the UK’s businesses need a sustainable, long-term economic plan they can believe in.  

“The BCC is writing to the Prime Minister to set out the action needed to tackle the main challenges facing business. It is vital we see progress made in these areas to keep doors open and promote investment. 

“Firstly, the Government must provide more certainty on the energy support package for businesses and quickly communicate how the system will work from April. Firms need to know what support to expect in the medium and long term.    

“Secondly, they must fix the extremely tight labour market. Without the skilled people to do the jobs businesses need, the economy will stagnate.  

“Thirdly, to grow the economy, Government must set out a strategy to boost our international trade and exports.   

“People run businesses and businesses rely on people. The new administration must grasp 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 deal with the challenges ahead and create the business conditions that allow firms, and the communities that rely on them, to thrive.”  

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