Yahoo News General Election 2024 - West Midlands business leaders react
The United Kingdom has woken up to a new Government today with no doubt plenty of change on the horizon as the Labour Party settles into its new role.
The ripples will be felt far and wide across every part of society with business no doubt feeling the effects, whether good or bad.
Here, we round up all the reaction from across the West Midlands business community as it comes in throughout the day.
Kicking things off is Greater Birmingham Chambers of Commerce's chief executive Henrietta Brealey who has called for stability.
"Throughout the last 14 years, we've witnessed a series of seismic occurrences which have shifted the economic and political contours of the region, ranging from the introduction of combined authority mayors to Brexit, Covid-19 and the energy crisis," she said.
"Right now, businesses across the country will be craving a period of relative stability so they can plan and invest for the future.
"It's clear the new Government will be inheriting major challenges - acute fiscal pressures, stagnant growth levels, low levels of investment and a prosperity gap between the north and south that shows few signs of narrowing.
"There will be no honeymoon period, businesses will need to see a clear plan of action that will drive investor confidence and prosperity from the outset.
"Strong and decisive leadership will be required from the new Prime Minister to shift the dial on devolution, ease firm level cost pressures, harness technology to improve public services, strengthen our infrastructure networks and cultivate strong trading ties with Europe and further afield."
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Birmingham and the Black Country
Stephen Morley is president of the Confederation of British Metalforming which is based in West Bromwich and is a trade association for manufacturers of fasteners, forgings and pressings, cold-rolled and sheet-metal products.
He said: "My first bit of advice to our new Prime Minister is to stop telling everyone that your dad was a ‘toolmaker' and your family were poor. This is putting young people off following a career in manufacturing, a career that can be well paid and take you all over the world.
"Like many in our sector, we would love to see a long-term industrial strategy that plays to the UK strengths and acknowledges the challenges we face.
"Ideally, we'd like to see something that is cross-party or has a Royal Charter that ensures longevity regardless of the political persuasion.
"A dedicated Minister for Manufacturing is a campaign the CBM has added our voice to and could be an early win if Labour wanted to show a willingness to place new importance on a sector."
Nick Lovett is the managing director of M3.agency in Birmingham which offers advertising and media services.
"It was clear the public wanted change," he said.
"I felt a little sorry for Rishi Sunak personally as he comes across as a decent man of ethics but was surrounded by the chaos that several high-profile Conservatives have created in recent years. My fear is I haven't seen a fully funded plan to support Labour's manifesto.
"They have said no higher taxes or VAT increases which means we are going to need the economy to grow significantly to fund things and I just don't buy into the new Prime Minister being able to achieve that.
"Remember his record is all about human rights not business which, as a business owner, concerns me. What I don't want to see is a trend of public sector strikes and Keir Starmer and his team being seen as 'soft touches'.
"Time to see if the new Government can deliver some early wins or it will probably be a single term in office as the public don't seem to have the patience for a long-term vision and journey."
Matt Buckingham, practice lead for financial services firm Grant Thornton in the West Midlands, said: "It's simple enough to say that business growth needs to be a priority but the realities of driving up GDP are obviously challenging in the current climate.
"The UK is the sixth largest economy in the world and the second in Europe and, as a region, the West Midlands has plenty of strengths to build upon that will help make the most of the opportunities that undoubtedly exist in multiple sectors.
"This is an era of profound technological change, with the advance of AI and supercomputing gaining pace all the time, while the transition to cleaner ways of living and working needs to speed up.
"Our latest Business Outlook Tracker told us that the region's local business community wants to see the new government focus on measures to improve infrastructure, reducing regulation and red tape and investing in skills and training, to support business growth. We wish the new government every success in addressing these issues and encourage it to work in collaboration with business."
Corin Crane, chief executive of the Coventry and Warwickshire Chamber of Commerce, said he hoped the new Labour Government would help to deliver stability after an uncertain period.
"There is no doubt that Labour have been pushing a very pro-business agenda in the run-up to the election," he said.
"It's vitally important that these sentiments are followed with action. The biggest boost to the economy the Government can bring is a sense of stability, backed up with growth focused policies, an industrial strategy and a willingness to listen to and work with businesses and make the UK economy the strongest in the world.
"The past decade has been plagued by uncertainty around Brexit, then Covid and then a series of international events that affect us all here in the UK.
"We still want a Government that will take bold action to help businesses to grow both domestically and overseas and we want it to bulldoze through some of the barriers to growth in our economy."
Ranjit Dhindsa is the office leader in Birmingham for law firm Fieldfisher.
She said: "Labour is expected to bring a new Employment Bill within 100 days of the election, including a number of radical changes in relation to pay, security, inequality and discrimination. Organisations of all sizes will be affected and employers need to start planning ahead.
"Labour's proposals will see increased employment rights, job security and flexibility for individuals and it will be easier for employees to seek redress from their employers.
"Employers will need to ensure legal compliance and consider how to deal with employees who will want to enforce their rights. Dispute resolution strategies may be needed."
Sarah Moorhouse, chief executive of Black Country Chamber of Commerce, said: "Given the challenges of recent years, businesses want to see economic stability so they will be pleased to see clarity regarding the direction of the country. They will also now be looking closely at the policies that will affect their organisations moving forward.
"We want to see businesses of all sizes benefit from economic stability and will continue to support our members through a range of services.
"Black Country businesses now need to see ambition around investment, jobs, skills and training to seize growth opportunities so we keenly anticipate the new Government's policies in support of these areas."
James Dickens is managing director of Birmingham-headquartered housebuilder Wavensmere Homes.
He said: "From an apolitical standpoint, it is positive to see a moderate party elected with such a strong mandate which should provide the ability to deliver change, alongside much-needed political stability.
"After 14 years of the Conservatives, this new administration has promised sweeping reforms to the planning system and a reintroduction of mandatory local housing targets.
"Hiring 300 additional planners to help expedite decisions will be a small step in the right direction but many more policy and legislative changes are required to address the chronic lack of supply of new homes.
"It's also encouraging that Labour has pledged to tackle typical brownfield build-rates which are on average 34 per cenrt slower than greenfield sites.
"With inflation back at the two per cent target, a Base Rate cut may finally be on the cards at the Bank of England's MPC meeting in four weeks' time."
Gareth Jones is managing director of In-Comm Training which provides more than 2,500 apprenticeships and upskilling opportunities at academies in Aldridge and Telford.
"To be fair to the Conservatives, they did put apprenticeships back on the map and reignite its credibility among learners, parents and employers," he said.
"This was no small feat but now the baton has been passed to Labour to build on this evolution and there have already been some big promises leading up to this election - widening the scope of the Apprenticeship Levy would be a very welcome move for example.
"Channelling further funding to schools to boost English and Maths standards is the right thing to do. Too often, young people leave without achieving these GCSEs and we have to step in to deliver the functional skills they require to start a pathway into vocational learning."
Full list of all the new MPs elected in Birmingham
Lyle Bignon, night-time economy adviser for Birmingham and music consultant, said: "We welcome the new incoming Government and the potential for positive change that this momentous time in UK politics represents.
"The country has sent a clear and unmistakable message to those who governed our country for the past 14 years. We now want real-world change.
"This must include Cabinet and MPs giving the UK's arts, culture, entertainment, hospitality, music industries and night-time economy the attention, respect and support they deserve.
"The MPs who now represent Birmingham and the West Midlands in Westminster must work extraordinarily hard with industry bodies to secure the future of the night-time economy as a cultural powerhouse and economic engine for this country."
Tony Hague is the chief executive of PP Control & Automation which outsources manufacturing services to machine builders.
"There was no real surprise with today's election result," he said.
"Conservatives have paid a heavy price for many years of ineffectiveness, personified by the Liz Truss mini budget that rocked the economy and left many of us still paying the financial price. After 14 years of the same government, a change was almost inevitable.
In truth, the current Labour manifesto is fairly central and balanced, albeit the concern of increased taxes is always there. From a UK manufacturing perspective, we await with interest what positive steps they may take in the short and long-term.
"Some relatively easy decisions that could have a big impact, include a revised R&D policy, a review on Corporation Tax and more sustained support for SMEs around export."
Davie Carns is chief executive of NIS Group which provides vocational training and employment services for individuals and businesses in construction, rail and civil engineering.
"Infrastructure, house building, maintenance and repair - these are all huge opportunities for growth for the new Government," he said.
"We would like to see an early statement of intent from Labour to commit to investment in infrastructure and supporting the construction industry. But this means tackling the skills challenge in this vitally important sector.
"A report this week by the Construction Industry Training Board forecasts that, in order to stand still on the current pipeline of projects, a further 251,000 extra workers will be needed by 2028 in an industry already employing over 2.5 million people."
