Business leaders are calling for the next Prime Minister to restore stability and confidence in the economy when they succeed Liz Truss this month.
Liz Truss quit as Tory leader this afternoon and said a new leader would be elected within a week - when she will leave as Prime Minister. It follows weeks of turbulence after her and Kwasi Kwarteng's failed mini-budget.
Dr Liz Cameron CBE, chief executive of the Scottish Chambers of Commerce, said: "After weeks of turmoil, the Prime Minister’s resignation has exacerbated levels of uncertainty in the UK.
"The Conservative Party must now quickly agree on a new leader and that leader must deliver much needed stability for businesses and the country.
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“The next Prime Minister must immediately set out how they will support firms with energy bills and reduce the rising costs facing businesses and households.
“Beyond the emergency support, their priorities must also set out clearly what their long-term economic plan will be. That plan must align with the priorities of the business community: increasing the flow of international skills and labour, fast-tracking infrastructure investment and boosting exports.
“We need business and government pulling in the same direction if we are to create economic growth that is badly needed across the whole of the UK. This is how the next Prime Minister will be assessed by the business community.”
Tony Danker, director-general of the CBI, which represents 190,000 firms across the UK, said: “The politics of recent weeks have undermined the confidence of people, businesses, markets and global investors in Britain. That must now come to an end if we are to avoid yet more harm to households and firms.
“Stability is key. The next prime minister will need to act to restore confidence from day one.
“They will need to deliver a credible fiscal plan for the medium term as soon as possible, and a plan for the long-term growth of our economy.”
Marco Forgione, Director General of the Institute of Export & International Trade said he welcomed the 'clarity' of Mrs Truss' statement.
He said: "We particularly welcome that there will be a new Prime Minister in place within the next week, given the business certainty that our over 7000 members and the wider trading community require.
“Certainty and coherence are essential if there is to be any chance of minimizing the impact of a recession.”
First Minister Nicola Sturgeon said a general election was a "democratic imperative".
On Twitter, she said: “There are no words to describe this utter shambles adequately.
“It’s beyond hyperbole – & parody. Reality tho is that ordinary people are paying the price.
“The interests of the Tory party should concern no-one right now.
“A general election is now a democratic imperative.”
SNP Westminster leader Ian Blackford also called for an election, saying “people will accept nothing less”.
Liz Truss never officially met her devolved counterparts while in office. The First Minister joked she would “wait for whoever will become the fifth PM (so far) during my time as FM” before scheduling a meeting.
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