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New PM must restore confidence, say business groups

October 25 2022

The UK's new Prime Minister Rishi Sunak must restore confidence in the country's economy, say business groups.

Mr Sunak will have to deal with a range of issues stemming from inflation and the cost-of-living crisis.

Business groups say he will need to set out plans to deal with soaring energy bills, labour shortages, spiralling inflation, and climbing interest rates.

Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said: 'The new Prime Minister must be a steady hand on the tiller to see the economy through the challenging conditions ahead.

'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.

'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.'

The BCC says business need more certainty on the energy support package for businesses and how the system will work from April. 

In addition, it says the government must set out a strategy to boost international trade and exports.

Tony Danker, Director-General at the Confederation of British Industry, said: 'The new Prime Minister can lose no time in easing the impact of market turmoil on households and firms, and helping to restore fiscal credibility.

'A fiscal plan for the medium-term next week that is both credible and a platform to generate economic growth will be central to achieving that.'

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