Business welcomes PM’s resignation

Boris Johnson’s tenure as prime minister has damaged UK plc, say businesses. The response from industry and the City to the prime minister’s decision to stand down has been overwhelmingly positive, but concerns are mounting over what happens next. Asked what they wanted to see from a new regime, the boss of one big housebuilder said: “Some grown-ups running the country. Seriously, just some sound and consistent policy.” Lord Stuart Rose, former Marks & Spencer boss and Conservative peer, called for the prime minister to leave Downing Street quickly given his “unsustainable” position. Richard Burge, chief executive of the London Chamber of Commerce and Industry, said events in Downing Street had risked seriously harming the economy by making the UK resemble “a corrupt authoritarian regime”. A senior hedge fund manager said: “Britain plc has been damaged by Boris Johnson, by his lack of integrity and faltering leadership. Investors will be looking forward to a leader with more integrity and who is not exclusively focused on Brexit.” Stephen Phipson, head of Make UK, said recent months had been “immensely damaging for the reputation of the UK”. But the chaos caused by the manner of Johnson’s departure could be equally damaging. Tony Danker, director-general of the CBI, warned that the country could become “stuck in limbo” during the Tory party leadership contest. Shevaun Haviland, director-general of the British Chambers of Commerce, said: “Action is needed quickly. The government must reset, rethink, get its house in order and swiftly demonstrate that it is on the side of business if confidence is to be restored.” Sir Nigel Wilson, chief executive of Legal & General, added: “When the current political situation is resolved let’s really get on and start doing more and stop just relentless cheerleading ourselves that we are doing a great job, when that clearly is not what most people feel is happening. We would like to see long-term changes to policy that would help us to invest more in the UK.” The Times (£) The FT (£)