South Yorkshire business leaders deliver their reaction to general election result
South Yorkshire business leaders have delivered their verdict on the general election result.
Prime Minister and Conservative party leader Theresa May has struck a deal with the Democratic Unionists that will allow her to form a government.
This comes after the general election produced a hung parliament, in which no party reached the 326 MPs required to achieve an absolute majority in the House of Commons.
Richard Wright, executive director of Sheffield Chamber of Commerce, believes the result will lead to a "less tight spending strategy than they might have followed.
"It almost certainly means a less hard approach to the Brexit negotiations but business is faced with yet more unknown, and that is probably the worst environment to operate in."
He added: "“The fundamentals are still there though. The country is operating at a loss.
"We need to broaden our markets much wider than Europe. This is still the Asian century. Sustainable businesses are efficient, they invest and satisfy their customers now and in the future.
“Government can influence the environment we operate in but they cannot do it for us. Never has it been more important to develop new markets abroad and chambers will always stay at the forefront of helping real businesses on the ground achieve that.”
Dan Fell, chief executive officer of Doncaster Chamber, said: "What is important now to businesses and the wider electorate is the formation of a stable administration.
“The purpose of this election was to secure the Brexit mandate. We are now left with under two weeks until the start of Brexit negotiations with a hung parliament, no clear objectives and no strong leadership.
"Clearly this will be of great concern for businesses, who are heavily invested in the outcome of Brexit, and the impact any deal will inevitably have on their business and their wider operating environment.
“However, this is not just about Brexit. Despite the fantastic growth that has been achieved in places like Doncaster in recent years, businesses and communities feel held back by national government due to a lack of investment and indecision in crucial areas such as infrastructure and education.
“A recent example of this, that matters greatly to the Doncaster business community, are the long delays that have beset Doncaster’s bid to open a University Technical College; indeed, the opening date for that institution has now slipped to 2019 from 2018 due to Government delays.
"The further uncertainty we now face as a result of the general election will inevitably slow down these key decisions even more so, which has a real impact on the here and now for business, the economy, and people.
“What will happen next is not yet clear, however the formation of a stable administration is the top priority for business confidence.”