2023-10-14 20:53:54

Business leaders express dismay over Government's handling of economy

Logo Daily Mail
Daily Mail
By Daily

Business leaders expressed dismay over the Government's handling of the economy in the past three weeks, labelling the Conservative Party's actions shambolic and reckless.

Executives have watched in dismay amid a bond market rout and a sharp sell-off in the pound, all caused by a series of unfunded tax cuts announced by former chancellor Kwasi Kwarteng at the end of September.

There are serious question marks over whether the Tories can be trusted to manage the economy, something the party has always prided itself on.

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Serial entrepreneur Luke Johnson said: 'Businesses need certainty and we have the opposite of that. It was complacency to think foreigners would just continue to lend us money.

'It may be that businesses have reached the decision that Labour will be elected.'

Justin King, the former Sainsbury's chief executive now on the board of Marks & Spencer, warned that investment decisions had been delayed or cancelled as a result of the turmoil.

'As uncertain a time as I can remember,' he said.

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