Business Community Welcomes Stable Government Following Election Result

With the results of the General Election 2015 now in, businesses in the South West will welcome the swift formation of a stable government which will provide much needed clarity and direction for the UK.

Businesses had feared the prospect of a hung parliament and unstable coalitions, with the uncertainty this would have brought for business confidence, investment and economic growth. A majority government means valuable space to consider the long term economic needs of the UK and an ability to make the changes needed to make sure we continue to grow and thrive in an ever more competitive global economy.

However the election result does present some reasons for future uncertainty, with the prospect of further calls for Scottish Independence and a referendum on the UK’s place in the European Union.

• Of the 24 seats in the West of England, Gloucestershire, Swindon and Wiltshire region, 21 of the 24 seats are now held by the Conservatives.
• The three remaining seats are held by Labour, all in Bristol.
• This follows the 2010 result in which the Conservatives held 19 seats, Labour two and the Liberal Democrats three.

Commenting on the results of the General Election, Phil Smith, Managing Director of Business West, said:

"With the results of the most unpredictable General Election in living memory now in, firms across the South West are breathing a sigh of relief as the prospect of a second successive hung parliament disappears. A majority government means that businesses can continue with their investment and growth plans, it is now up to the government to continue to make the changes necessary to support economic growth.

“The South West, with a higher proportion of marginal seats than the national average, has been a key election battleground. The results in our region, with 21 out of 24 seats filled by the Conservatives, reflect how strong a night it was for the party, with them holding onto or gaining nearly all their key marginal seats.

“Our continued economic recovery requires a programme from government that favours enterprise, wealth creation and growth. The Conservatives must use their clear mandate to take the important decisions to help British businesses invest and grow. In return, business stands ready to work with the new government to deliver prosperity, jobs and sustained economic growth."

“The strong showing of the SNP and the prospect of an EU referendum present real uncertainty and risk for businesses in the short and medium term. Preserving the integrity of the United Kingdom and securing our place in a reformed European Union will require real and mature political leadership from the Prime Minister.”

“Thoughts will now inevitably turn to the prospect of an EU referendum. Europe is Britain’s largest trading partner and Britain is the destination of more EU direct investment than any other economy. Our region contains several high profile businesses for whom an EU exit would pose a serious risk, and with that the health of key business sectors and supply chains. It is vital that a referendum is conducted in a way that does not exacerbate uncertainty and jeopardise our region’s investment, jobs and growth.”