{"id":218310,"date":"2022-10-24T09:00:03","date_gmt":"2022-10-24T08:00:03","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=218310"},"modified":"2022-10-24T18:42:49","modified_gmt":"2022-10-24T17:42:49","slug":"markets-rally-as-businesses-call-for-end-to-uncertainty-under-new-pm","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/markets-rally-as-businesses-call-for-end-to-uncertainty-under-new-pm\/","title":{"rendered":"Markets rally as businesses call for end to uncertainty under new PM"},"content":{"rendered":"

Business leaders have called on Rishi Sunak to end recent \u201cpolitical and economic uncertainty\u201d as markets rallied somewhat on his selection as the next prime minister.<\/strong><\/p>\n

After weeks of chaos following Prime Minister Liz Truss\u2019s mini-budget, and months of uncertainty under her predecessor, businesses need more certainty on energy support and help finding workers and boosting international trade and exports, the British Chambers of Commerce said.<\/p>\n

Director General, Shevaun Haviland: \u201cThe political and economic uncertainty of the past few months has been hugely damaging to British business confidence and must now come to an end. The new prime minister must be a steady hand on the tiller to see the economy through the challenging conditions ahead.\u201d<\/p>\n

Markets had largely already expected a Sunak victory before it was officially announced on Monday afternoon.<\/p>\n

Shares on the FTSE 100<\/a> index of London\u2019s biggest companies initially rose by as much as half a per cent, before falling to nearly 0.8% down. In the afternoon the FTSE recovered again, rising by 1.1% and hitting 7,045 points. The pound initially dropped in value against the dollar following the confirmation, but about an hour later it spiked.<\/p>\n

At around 3pm one pound could buy a little over 1.13 dollars, up 0.25% on the day. The interest rate that the Government pays on its 30-year gilts dropped by 0.2 percentage points on the day to 3.8% and was largely unimpacted by the confirmation of Mr Sunak\u2019s appointment.<\/p>\n

In the end Sunak was the only remaining candidate for the position, after Penny Mordaunt dropped out and Boris Johnson never declared his candidacy.<\/p>\n

He will now face a whole inbox of requests from businesses and sectors up and down the country.<\/p>\n

Kate Nicholls, the boss of the UK Hospitality trade body, said \u201cstable political leadership is absolutely critical\u201d and that the body had worked \u201cvery closely\u201d with Sunak when he was chancellor.<\/p>\n

She added: \u201cI would encourage him to extend business rates relief, reform the entire business rates system in the longer term and lower the current rate of VAT.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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