Liz Truss resigns as Prime Minster – industry reaction

Liz Truss has resigned as Prime Minister. The announcement will trigger another Conservative Party leadership contest.

Responding to the resignation National Chair of the Federation of Small Businesses (FSB) Martin McTague said “It is incumbent upon the next Conservative Party leader to show they can provide stability and take the necessary steps to secure economic growth in the face of significant recessionary pressures.”

“Businesses are crying out for an end to the political turmoil and a focus on remedying the economy, supporting small firms through the hard winter ahead.”

“Whoever becomes Prime Minister must knuckle down, see through the delivery of the energy support package for small businesses – as already approved by Parliament – and the reversal of the hike in National Insurance.”

“Beyond that there must be a focus on securing prosperity for the longer term, making sure we have the right support for improving broadband, housebuilding, labour supply, and the tax and regulatory framework – so we can build our way out of the increasingly negative economic climate.”

Tony Danker, Confederation of British Industry (CBI) Director-General, 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.”