Hope for stability as Sunak takes charge
INDUSTRY leaders have welcomed the appointment of Rishi Sunak as the new prime minister, in the hopes it will lead to some market stabilisation.
Following weeks of market turmoil after former chancellor Kwasi Kwarteng’s growth speech, bosses of the convenience retail industry have noted the appointment of the new PM could bring some much needed stabilisation for businesses.
David Thomson, chief exec at Food and Drink Federation Scotland, said: “We hope the new prime minister will bring stability, not least in economic and energy policy, so businesses can make long-term plans in hugely difficult circumstances.”
Sunak was named the UK’s third prime minister of this year after Liz Truss’ resignation from the role on 20 October.
Truss stood down following calls from members of her party to do so when her Growth Plan left marketplaces reeling as the value of the pound plummeted. Truss then U-turned on almost all of the policies with her new chancellor Jeremy Hunt.
The U-turns across the policies meant more costs will be lumped on the doorstep of plenty of retailers across the country, with alcohol duty set to rise next year and plans for VAT-free shopping for tourists now cancelled.
Luke McGarty, head of policy and public affairs at the Scottish Grocers’ Federation, said: “Above all, we need a clear message and tangible support for the sector, to help face this challenging trading environment and current cost-of-living crisis.
“Hopefully, with the announcement of Rishi Sunak as the new prime minister, he will look to adhere to a common-sense approach that provides much-needed stability and reassurance for our sector going forward.”
David Lonsdale, director at the Scottish Retailers Consortium, said: “Sunak’s success in building up the UK economy will rely on providing businesses with clarity on future policies and the confidence to act on them, as well as tackling the spiralling costs burden facing both firms and households.”
