UK business leaders urge new PM to lift confidence

Britain’s businesses have warned the next prime minister to restore business confidence and recover the country’s reputation.

In a manifesto published yesterday by the UK’s largest group of employers, the influential Confederation of British Industry urged the next prime minister to “build a long-term vision that drives in investment and back business as a foundation of a growing, inclusive economy”.

“The UK is a fantastic place to do business but we must be honest – the reputation of our country has taken a dent in recent times. Our new prime minister has a real chance to inject a new lease of life into the UK economy and show the world we are open for investment,” said CBI director general Carolyn Fairbairn.

She urged Britain’s next leader to “get the economy back on track”.

Britain’s business leaders fear the impact of a no-deal Brexit that looks increasingly likely under a Boris Johnson premiership.

The result between Mr Johnson and his rival Jeremy Hunt will be announced today.

Business leaders fear Mr Johnson has ignored their concerns over the consequences of a no-deal Brexit on both British and EU industry.

Ms Fairbairn called on the next PM, who will be the third British leader in three years, to be “indisputably pro-business” and deliver a “long-term, compelling vision for our future”.

The CBI, a membership organisation of 190,000 British companies, backed the UK to remain in the European Union and fears a severe skills shortage in the UK in the event of the country falling off the cliff edge on October 31.

They also urge the UK government in replacing the £30,000 (Dh137,698) salary threshold currently applied to foreigners working in the UK in some sectors.

Senior ministers in the ruling

The UK is a fantastic place to do business but the reputation of our country has taken a dent in recent times CAROLYN FAIRBAIRN CBI director general

Conservative Party have warned that they would resign if Mr Johnson takes over.

“I’m sure I’m not going to be sacked because I’m going to resign before we get to that point,” Chancellor Philip Hammond told the BBC.

Sterling hit a two-year low last Tuesday after leadership favourite Mr Johnson ratcheted support for a no-deal Brexit and advocated scrapping the so-called Northern Irish backstop plan agreed under the UK’s current withdrawal terms with the European Union.