'Pantomime season': Business leaders call for speedy resolution following PM resignation

Richard Sheehan, chief executive of Shropshire Chamber of Commerce, said ongoing issues with recruitment and energy prices all need to be addressed.

"Businesses were only too aware that pantomime season was around the corner, but it appears to have come early," he said.

"We need a speedy resolution as businesses and consumers are badly impacted by uncertainty.

"Clear issues need to be addressed such as the energy crisis and cost of living crisis which have not gone away. Whoever ends up leading the new regime need to address that situation."

Mr Sheehan added: "There is also the ongoing challenge of recruitment and the new regime needs to look carefully at the sectors where we have loads of businesses crying out for labour.

"Overall, we need stability and businesses need to be able to regain confidence in the leaders of this country."

Mandy Thorn MBE, chair of the Marches Local Enterprise Partnership, said: “The last few weeks have been incredibly difficult for everyone in business and we must now hope that whoever emerges as Liz Truss’s successor can bring with them a period of calm, measured Government.

“Business needs stability and a clear sense of direction in which to thrive and create the economic growth which the whole of this country will benefit from. We know from our work through the Marches Growth Hub that the events of the last month or so have made making long-term decisions very difficult for the thousands of businesses across Herefordshire, Shropshire and Telford and Wrekin.

“It is vital that the new Prime Minister quickly establishes the stability which gives business the confidence it needs to invest and grow and works with all its partners, including LEPs, to tackle the economic challenges we all face.”

Confederation of British Industry director general Tony Danker added: “The politics of recent weeks have undermined the confidence of people, businesses, markets and global investors in Britain. That must now come to an end if we are to avoid yet more harm to households and firms.

"Stability is key. The next Prime Minister will need to act to restore confidence from day one.

“They will need to deliver a credible fiscal plan for the medium term as soon as possible, and a plan for the long-term growth of our economy.”