Election outcome is worst possible result for West Midlands business

Paul Faulkner, chief executive, Greater Birmingham Chamber of Commerce

Business leaders in Greater Birmingham have said the uncertainty created by the result of the general election is the worst outcome possible result for the sector.

Paul Faulkner, chief executive of Greater Birmingham Chambers of Commerce (GBCC), said: “This additional uncertainty during Brexit, the most important negotiations of a generation, and question marks over the future of the Prime Minister, is probably the worst outcome the business community could have hoped for.

“We have already seen the impact of this uncertainty with the value of the pound dropping.

“Although some economists said the fall was not as large as expected, it remains to be seen how this increased uncertainty will impact on businesses’ investment and hiring decisions.”

He said given the result, and the timing of the election during the Brexit negotiation period, many would come to question the wisdom of calling it in the first place.

“It is vital that our nation’s politicians put petty party politics to one side and urgently agree a way forward for governing for the good of the nation. We need robust leadership to ensure we have a rock solid approach to Brexit negotiations and domestic policy,” he added.

He said chamber members were no strangers to weathering political uncertainty. Despite the challenges presented by Brexit and the outcome of the election, businesses in the region and across the country had to continue to grow and remain confident for the future.

The chamber is to write to all newly-elected MPs in the region to urge them to meet to discuss how to work together to create the right conditions for business growth.

In Coventry and Warwickshire, Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said very few businesses I the area had been in favour of the election in the first place.

The fact that no clear Government had emerged had alarmed many, she added.

“We have faced a long period of uncertainty, with two general elections and the EU referendum in the space of two years, and that now continues as we wait to see who will form a Government,” she said.

“The number one priority has to be the formation of a Government that can provide the leadership necessary in dealing with the Brexit negotiations and driving our economy forward.

“We always urge our members to get on with the job in a ‘business as usual manner’ despite what is happening politically.”

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