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General Election result 'will help business prepare for post-Brexit future'

By John Corser | Business | Published: | Last Updated:

Businesses across the Black Country and Staffordshire are welcoming the Conservative Party's victory in the General Election as an opportunity to prepare for a post-Brexit future.

Black Country Chamber of Commerce chierf executive Corin Crane

The Black Country Chamber of Commerce's chief executive, Corin Crane, said: "Our message for the Government is simple: businesses need confidence in the political system to unlock capital investment and to drive growth. The last two-and-a-half years have seen businesses holding back, concerned about cash flow and often unable to plan ahead.

"These results, delivering a Parliament with a clear majority should act as stimulus for economic clarity, allowing businesses to prepare for a post-Brexit future. The Black Country remains primed and ready as the engine for economic growth across the West Midlands and the UK, and the Chamber is at very heart of the business community here."

The chamber will be writing to all the MPs on its patch that have been returned to Westminster to outline the priorities of the business community and invite them to engage with it on behalf of members, particularly those in the manufacturing, aerospace and the automotive sector.

The chamber has spent many months helping businesses as they prepare for whatever Brexit may bring and says it will continue to do so as the UK exits the European Union.

Business leaders in Greater Birmingham Chambers of Commerce, which covers Cannock and Lichfield, congratulated Prime Minister Boris Johnson on his overwhelming General Election victory but warned that the hard work starts now.

GBCC is urging urged the Government to urgently give a clear understanding on what the country’s trading relationship with Europe will be beyond 2020.

Paul Faulkner, chief executive of GBCC, called for an end to the “years of uncertainty” caused by the Brexit process.

"Since the referendum result, feedback from our Quarterly Business Report has regularly highlighted that firms across the region have been hampered by years of uncertainty caused by the Brexit process," he said.

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Stability

"With such a decisive majority, we hope that we will see the modicum of stability that businesses need in order to press ahead with informed decision making – particularly when it comes to investing in their people and products."

GBCC is also urging the Prime Minister to release the recommendations made by Douglas Oakervee and back HS2 in full.

"No other project comes close in its ability to rebalance the economy and bring prosperity to all corners of the UK," added Mr Faulkner.

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Carolyn Fairbairn, CBI Director-General, said: "After three years of gridlock, the Prime Minister has a clear mandate to govern. Businesses across the UK urge him to use it to rebuild confidence in our economy and break the cycle of uncertainty.

"Employers share the Prime Minister’s optimism for the UK and are ready to play a leading role. They can bring the innovation, investment and jobs for a new era of inclusive growth. The biggest issues of our times – from tackling climate change to reskilling the workforce for new technologies – can only be delivered through real partnership between government and business.

"The starting point must be rebuilding business confidence, and early reassurance on Brexit will be vital."

The Conservative win drove a rally in the pound and UK domestic stocks. The currency jumped 2.7 per cent to US $1.3418 on confirmation that Boris Johnson’s party had been victorious. The removal of the threat of Labour trying to re-nationalise many sectors, saw shares in Royal Mail, transport companies and utility stocks jump.

Dale Parmenter, chief executive of Hartlebury-based digital agency DRPG said: "At last we get some certainty and hopefully some stability and leadership. Now we just have to see it unfold. It’s business as usual until then."

John Corser

By John Corser
Business Reporter - @JohnCorser_Star

Express & Star Business Editor at head office, Wolverhampton. Welcomes all news of companies and business organisations.

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