Cautious welcome to new Prime Minister

BUSINESS reaction has been somewhat cautious, but perhaps it is as much a reflection of the uncertainty over Brexit as the appointment of Boris Johnson as Conservative leader.

Following the result of the leadership election, the Institute of Directors congratulated Mr Johnson on his imminent appointment as Prime Minister.

Robert Lloyd Griffiths, Head of IoD Wales, said: “The new Prime Minister will take the reins at crunch-time for businesses in Wales and across the UK. It’s crucial that the incoming administration recognises that this is a daunting time for many firms, and is prepared to back them. We look forward to working with his Government to achieve this.

FSB called on the new government to resolve the Brexit impasse, thereby allowing policymakers to focus on key issues that are front of mind for small firms.

It would like to see the PM-in-waiting assist small businesses struggling with spiralling employment costs by uprating the £3,000 Employment Allowance, delivering a promised national insurance holiday for firms that employ those furthest from the labour market, as well as introducing a rebate for Statutory Sick Pay.

Ben Francis, FSB Wales Policy Chair, said: “We look forward to continuing to work with UK Government ministers – and the Secretary of State for Wales in particular – in order to deliver for Welsh businesses. UK Government must work closely with Welsh Government to ensure that this becomes a reality.”

Carolyn Fairbairn, CBI Director-General, congratulated Mr Johnson and called for him to work with British businesses.

“Business needs three things in the first 100 days. A Brexit deal that unlocks confidence; clear signals the UK is open for business; and a truly proenterprise vision for our country,” Ms Fairbairn said.

“On Brexit, the new Prime Minister must not underestimate the benefits of a good deal. It will unlock new investment and confidence in factories and boardrooms across the country. Business will back you across Europe to help get there.

“Early signals back home also matter. From a new immigration system to green-lighting major infrastructure, there is no time to waste.”