A snap poll carried out by the Institute of Directors (IoD) has found that, following the General Election and the subsequent Hung Parliament, business confidence in the UK economy has ‘fallen dramatically’.
The poll of 700 IoD members revealed that businesses require ‘rapid agreement’ on transitional arrangements that arise from Brexit talks, alongside clarity as to whether EU nationals already residing in the UK will be permitted to remain in the country following Brexit.
Businesses also have ‘no desire’ for another election this year, the poll suggested.
The IoD has called for the government’s main priority to be striking a new trade deal with the EU.
It also warned that political uncertainty generated by the election could have ‘disastrous’ consequences for the UK economy.
Stephen Martin, Director General of the IoD, said: ‘The needs of business and the discussion of the economy were largely absent from the [General Election] campaign, but this crash in confidence shows how urgently that must change in the new government.’