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Business reaction to Theresa May’s departure

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David Frost, chief executive of London Chamber of Commerce and Industry said, “The Prime Minister’s departure was an unavoidable necessity for moving beyond the country’s political log-jam.

“We hope that a new leader can find a constructive way forward to break the impasse in Parliament and deliver certainty about the UK’s terms of exit from the EU.

“Exit on WTO terms is still a very real possibility on 31 October and whether or not it happens is not entirely in UK hands. The Government must ensure it and business are well prepared for this situation and we remain ready to work with them on this.”

Dr Adam Marshall, director general of the British Chambers of Commerce said, “We wish the Prime Minister well and thank her for her decades of public service.

“Businesses must be reassured that a change at the top in Downing Street does not simply usher in a longer period of posturing and gesture politics. Westminster has already squandered far too much time going around in circles on Brexit.

“As our global competitors get sharper and more strategic, Britain is still mired in indecision and uncertainty.

“Drift and lack of direction have real-world economic consequences, brought home to many of our communities not just by high-profile business closures, but by the quiet and growing loss of contracts, investments and jobs.

“The UK is already paying the price for a political system at war over Brexit. Our hard-earned reputation as a great place to do business has been tarnished. And for too long, government has been distracted from working with business to fix the fundamentals here at home, particularly around skills and infrastructure.

“Any leadership contest must be swift and followed urgently by a clear plan to break the impasse. The clock is still ticking down to 31 October, regardless of who is in Downing Street.

“A new Prime Minister must work to avert a messy and disorderly exit from the EU. At the same time, preparations must continue to ensure that government, its agencies and our communities are as ready as they can be for all possible eventualities.”

Ranko Berich, head of market analysis at Monex Europe said, “If it looks like a new government is headed for no deal and Parliament is unable to intervene, then GBPUSD will head to 1.20 and below.”




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