West Midlands business congratulates Labour on landslide General Election victory

Following Labour's landslide victory in the General Election, Sarah Moorhouse, chief executive of the Black Country Chamber of Commerce, issued congratulations on its behalf saying: "Given the challenges of recent years, businesses want to see economic stability, so they will be pleased to see clarity regarding the direction of the country.

"They will also now be looking closely at the policies that will affect their organisations moving forward."

Henrietta Brealey, chief executive of Greater Birmingham Chambers of Commerce, said: “We congratulate Keir Starmer and the Labour Party on their decisive victory on a night of historical significance.

“From a local perspective, we would also like to congratulate the MPs that have been elected across the region and pay tribute to those who have lost their seats – many have worked closely with the chamber over the years to understand and recognise the needs of the local business community.

“Throughout the last 14 years, we’ve witnessed a series of seismic occurrences which have shifted the economic and political contours of the region ranging from the introduction of combined authority Mayors to Brexit, Covid-19 and more recently the energy crisis and its subsequent impact on inflation and interest rates.

“Right now businesses across the country will be craving a period of relative stability so they can plan and invest for the future.

“Nevertheless, it’s clear the new Government will be inheriting major challenges– acute fiscal pressures, stagnant growth levels, low levels of investment and a prosperity gap between the north and south of the country that shows few signs of narrowing.

“Within this context, there will be no honeymoon period for the incoming administration – businesses will need to see a clear plan of action that will drive investor confidence and prosperity from the outset.

“In particular, strong and decisive leadership will be required from the new Prime Minister to shift the dial on devolution, ease firm level cost pressures, harness technology to improve public services, strengthen our infrastructure networks and cultivate strong trading ties with Europe and further afield.”

Matt Buckingham, practice lead for Grant Thornton UK in the West Midlands, said: “It’s simple enough to say that business growth needs to be a priority, but the realities of driving up GDP are obviously challenging in the current climate. The UK is the sixth largest economy in the world and the second in Europe and, as a region, the West Midlands has plenty of strengths to build upon that will help make the most of the opportunities that undoubtedly exist in multiple sectors.