Monday, August 8, 2022
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UK Business Groups Call for Stability as Johnson Resigns

Following Prime Minister Boris Johnson’s resignation as Conservative leader and the start of the search for his replacement, UK companies have asked for stability.

According to the CBI, the “political vacuum” must be quickly filled in order to safeguard peoples’ living conditions.

“What business hates most is uncertainty and volatility,” the Institute of Directors said.

According to Mr. Johnson, he expects to continue serving as prime minister until a new Tory leader is selected.

But it’s unclear as of yet when that will occur.

The head of the Commons foreign affairs committee, Tom Tugendhat, announced his candidacy to succeed Mr. Johnson on Thursday, claiming that “taxes, plainly, are too high.” He joins Suella Braverman, the attorney general, who has already entered the race.

To give a new administration the opportunity to attempt to combat the biggest increase in the cost of living in 40 years, which millions of UK households are dealing with, several MPs and business leaders urged he should step down sooner rather than later.

According to Business Secretary Kwasi Kwarteng, a new leader is required “as soon as practically possible.”

He described the person as “someone who can restore trust, heal the nation, and lay out a fresh, logical, and consistent economic policy to benefit families.”

Chief executive of the London Chamber of Commerce and Industry, Richard Burge, tweeted: “I think it is improper for Boris Johnson to serve as temporary prime minister. He cannot (or will not) change his character and has not expressed any remorse for his actions and judgment. Both harm the standing of London as the finest metropolis in the world and our reputation as traders across the world.”

Asda’s chairman, Lord Rose, a Conservative peer and former CEO of Marks & Spencer, stated: “This has been going on for too long, and it is unsustainable to continue with a hobbled, lame duck prime minister into the autumn.”

The Guardian quotes him as saying the following: “The major economic problem doesn’t seem to be being addressed by anyone. Everything has been stymied by this political turmoil.”

The idea for the prime minister to stay in office – for up to three months – after losing the backing of his cabinet, his government, and his parliamentary party is imprudent and may not be sustainable, according to former prime minister Sir John Major in a letter to the backbench 1922 Committee.

Bob Carlson
Bob Carlson
Bob Carlson is a business journalist, with over a decade of experience in the trenches of reporting up-to-date business news for publications all over the world. With a wealth of knowledge at his back, Bob strives to bring the most important insights into the business world for TheOptic daily.
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