Rishi Sunak must engage with businesses as a priority

Monday 24 October 2022

Richard Burge, Chief Executive of London Chamber of Commerce and Industry (LCCI) said:

“London’s business community welcomes the news that Rishi Sunak will be the next Prime Minister. We are relieved that the process has been concluded swiftly.

However, Rishi Sunak will soon enter Downing Street at a perilous time for the UK’s economy. Businesses are trading in an especially gloomy economic climate and we urgently need Mr Sunak to restore economic stability and market credibility to ensure businesses are able to move forward with greater certainty on taxes, regulation, and trading conditions.

As he takes up the office of Prime Minister, we hope that Mr Sunak prioritises strategy, security and stability and bears in mind the five tests we outlined in an open letter to London-based Conservative MPs over the weekend. These are:

1. Credibility with the markets
2. Experience and ability to deliver fiscal stability and end the current market chaos
3. Willingness to engage with and listen to SMEs and businesses across London
4. Commitment to a medium strategy to address energy prices for businesses
5. The highest standards of honesty and personal probity

We have learnt from recent political turmoil that there are very real financial and economic costs to policy failures. We hope that Rishi Sunak sets out an agenda that will set favourable conditions for growth, macroeconomic stability, and shared prosperity.”

ENDS