Business hails Sunak’s succession
Businesses have urged Rishi Sunak to put an end to the government’s “flip-flopping” and bring much-needed stability after an unprecedented “period of turbulence”.
Sunak, who won the Conservative Party’s latest leadership contest yesterday, is being seen as a safer pair of hands than his predecessors, with gilt markets rallying sharply on the news.
Shevaun Haviland, director-general of the British Chambers of Commerce, urged Sunak to be a “steady hand on the tiller” after a “hugely damaging” period for British business.
Businesses have urged Rishi Sunak to put an end to the government’s “flip-flopping” and bring much-needed stability after an unprecedented “period of turbulence”.
Sunak, who won the Conservative Party’s latest leadership contest yesterday, is being seen as a safer pair of hands than his predecessors, with gilt markets rallying sharply on the news.
Shevaun Haviland, director-general of the British Chambers of Commerce, urged Sunak to be a “steady hand on the tiller” after a “hugely damaging” period for British business.
Kate Nicholls, chief executive of industry body UK Hospitality, said she hoped Sunak would “end the period of turbulence”. “I do have confidence that he will restore credibility with the markets,” said Nicholls. She added this would help “bear down on interest rates and inflation”, the two key factors affecting “jobs and business viability” in the hospitality industry.
Despite the former chancellor’s stance against development on greenfield land, David O’Leary, policy director at the Home Builders Federation, said: “We are dealing with a known entity who we have confidence in. Not to say everything that was pitched in the summer leadership campaign was particularly pro-development but we have experience working with this PM from his time in the Treasury.”
Speaking before Sunak’s succession was certain, Guy Hands, founder of private equity firm Terra Firma, warned that the British economy was “frankly doomed”, unless Sunak renegotiated Brexit.
The FT (£)
