Business leaders express dismay over Government’s handling of economy

Business leaders expressed dissatisfaction with the government’s handling of the economy over the past three weeks, labeling the Conservative Party’s actions as disorderly and reckless.

Executives have watched with dismay amid a downturn in the bond market and a sharp sell-off in the pound, all triggered by a series of unfunded tax cuts announced by former Chancellor Kwasi Kwarteng in late September.

There are serious questions about whether the Tories can be trusted to run the economy, something the party has always been proud of.

Series entrepreneur Luke Johnson said, “Businesses need security and we have the opposite of that. It was complacency to think that foreigners would just keep lending us money.

“It may be that companies have come to the decision that Labor is elected.”

Justin King, the former CEO of Sainsbury’s who now sits on Marks & Spencer’s board of directors, warned that investment decisions had been delayed or canceled as a result of the turmoil.

“An uncertain time as I can remember,” he said.

Sir Martin Sorrell, the boss of digital advertising agency S4 Capital, added that Liz Truss had lost all credibility, hinting that a general election could be just around the corner.

He said: “I don’t see how the Prime Minister can completely distance himself from mistakes and past policies. I expected more aspects of the U-turn in the speech, but that can happen with the budget plan.’

But there was some optimism and support for new Chancellor Jeremy Hunt in business, many of whom consider him a safe pair of hands. Entrepreneur Brent Hoberman said, “He’s serious and sensible, hopefully he’ll stabilize the economy and the country.”