New Prime Minister Rishi Sunak must strive to restore stability in the Government and UK economy, business leaders have urged.
The new leader of the Conservative Party visited the King at Buckingham Palace, where he was officially appointed Prime Minister – the third in seven weeks – and invited to form a cabinet in his name. Together with his team of advisers he has been drawing up his cabinet which, it is understood, he wants to be a “Government of all talents”.
As the Cabinet was being announced, business leaders in the North East welcomed Mr Sunak’s appointment, highlighting how they want to work with him to tackle the challenges they face in the region.
Read more: About Rishi Sunak, his background and career so far
John McCabe, chief executive of the region’s largest business organisation, the North East England Chamber of Commerce, said: “We would like to congratulate Rishi Sunak on becoming the UK’s new Prime Minister. We now urgently need to see stability returned to government and markets.
“It is crucial that Mr Sunak and his ministerial team listen to business concerns in the North East, and that his appointment marks the start of real action to deal with the significant economic pressures facing businesses and households in the region. Investment in the North East remains vitally important and there must be a renewed emphasis on greater devolution for the region and Levelling Up.
“We invite Mr Sunak to work with us and our members on seizing the opportunities for growth and tackling the difficulties we face as a region.”
David Horn, director at Sunderland based IT security services business CyberWhite, said: “I think it’s great that we have a new Prime Minister who is familiar with the area and will continue to put the levelling up agenda front and centre when making decisions. As chancellor, Rishi Sunak brought the treasury to the Tees Valley, and that has created jobs and opportunities in the region already.
“I hope that now we have a prime minister that has the backing of the majority of the Government, he can get on with the job in hand without any more drama.”
Dr Arnab Basu, CEO of Sedgefield based radiation detection company Kromek Group PLC, said: “Rishi Sunak is the 57th occupant of number 10 Downing Street and the first British-Asian person to take on the role of prime minister. It is testament to the openness, benevolence and the principle of meritocracy that has been the foundation of modern Britain that his heritage is only an addendum to his talent and record, rather than being the focus.
“As a businessman of similar lineage, I have experienced the same welcome since I came to the UK as a student in 1996 and throughout my journey building Kromek, a technology business based in County Durham, with a mission to save lives and keep people safe. I wish the new prime minister the very best in his new role as he seeks to steady the ship and move Britain positively forward.”
Tony Danker, CBI director-general, said: “Congratulations to the new Prime Minister. He has a track record of seeing the economy through difficult times and is now coming in at a time of great uncertainty with tough choices ahead.
“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.”
Meanwhile, Martin McTague, chair of the Federation of Small Businesses (FSB), said: "I congratulate Rishi Sunak on becoming Prime Minister. The focus must now be on stabilising the economy, delivering the promised support for small firms on energy bills and cutting National Insurance, and on securing growth and prosperity in the medium and long term.
“The political turmoil at Westminster must end, and attention switch to the real world in which small businesses and the self-employed are being hammered by soaring costs, falling revenues, and diminishing availability of affordable finance. With recessionary pressures acute for small firms, pro-business measures will be needed to secure prosperity in the medium and long term. That includes the right tax and regulatory framework, including keeping pre-profit taxes such as Business Rates and National Insurance as low as possible.
“Policies should also support improving broadband and local road infrastructure, housebuilding, and labour supply. Soaring energy bills have been uppermost in the minds of many small business owners in recent months. The promised energy support package for small business owners must be delivered swiftly, followed by a plan for what happens after the initial six months of support which takes a realistic view on the inherently vulnerable position that smaller firms find themselves in when dealing with energy suppliers."
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