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CBI responds to snap General Election news

The Confederation of British Industry (CBI) has responded to the news that Prime Minister, Theresa May, is seeking Parliamentary approval to hold a snap General Election on 8th June by urging all political parties to continue to focus on the UK’s business foundations.

May requires two-thirds of the House of Commons to vote in favour of her proposals for a snap General Election in her bid to secure the majority backing of the British people to provide a stronger mandate during EU negotiations later in the year.

The next General Election was expected to be in 2020, however the Fixed Term Parliaments Act allows for a snap election to be held earlier providing two-thirds of MPs vote for the proposals.

Carolyn Fairbairn, director-general, CBI, said: “With a snap General Election now called, businesses will be looking to each political party to set out their plans to support economic stability and prosperity over the next Parliament in a way that is fair and sustainable for communities across the UK.

“Distraction from the urgent priorities of seeking the best EU deal and improving UK productivity must be kept to a minimum.

“Firms will want to hear commitments from all parties to work in close partnership with business and back a new Industrial Strategy to make the UK economy the most competitive in the world by 2030.

“It is essential to get the UK’s foundations right, from building a skills base for the next generation, to investing in infrastructure, energy and delivering a pro-enterprise tax environment.

“As EU negotiations now get underway, firms are clear about the serious risks of failing to secure a deal and falling into World Trade Organisation rules. It is vital that negotiators secure some early wins and all parties should commit to working to ensure businesses can continue to trade easily with our EU neighbours, while seeking new opportunities around the world.

“Whoever forms the next Government, they should seek to build a partnership between business and government that is the best in the world, based on trust and shared interest.”

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