12 June 2017
Election result fuels ‘slump’ in business confidence
Business confidence has fallen dramatically following last week's general election result, a new study has revealed.
After questioning a range of company representatives, the Institute of Directors (IoD) said many are worried about the political uncertainty which is now gripping the UK as a result of the hung parliament.
In the first confidence survey compiled since the election result became known, many directors said another election this year could negatively impact the economy. But they generally see no clear way to quickly resolve the present political situation.
According to those polled, reaching a new trade deal with the European Union should now be the top priority of the British Government.
Stephen Martin, director general of the IoD, said the new administration should emphasise its commitment to the business community.
He said: "It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders, and the consequences could - if not addressed immediately - be disastrous for the UK economy."