What will the General Election 2017 result mean for businesses?

12 Jun 2017

Business

On the 8th of June the UK public headed to the polls to cast their vote in the 2017 General Election, called ahead of time by Prime Minister Theresa May.

The Conservatives have lost a number of seats and although they remain the largest party, do not have enough MPs to form a majority. The Conservatives have confirmed they will seek to work with the Democratic Unionist Party (DUP) to form the next government.

The Prime Minister’s aim for the snap General Election was to provide her and her party with a mandate to go ahead and negotiate a Brexit deal with the remaining members of the European Union.

Reaction from the BCC

Dr Adam Marshall, Director General of the British Chambers of Commerce, has commented on the Election result and what it will mean for UK businesses in the wake of Brexit.

He said: “After two long years of elections, referenda and wider uncertainty, many businesses were doing their best to ignore the noise of politics – up until today.

“The electorate’s split decision generates further uncertainty for business communities, who are already grappling with currency fluctuations, rising costs, and the potential impacts of Brexit.

“The formation of a workable administration that can give voters and businesses confidence around economic management must be the immediate priority.

“Whilst companies have for many months done their best to screen out political noise in order to focus on their own operations, this result will prove much harder for UK businesses to ignore. The swift formation of a functioning government is essential to business confidence and our wider economic prospects.

“Businesses are adept at forming alliances and coalitions when important interests are at stake. We should expect the same of our politicians.

“No business would walk into a negotiation without clear objectives, an agreed starting position, and a strong negotiating team. It is hard to see how Brexit negotiations could begin without answers on these important questions.”

St Helens Results

Labour retained seats in both of the St Helens constituencies, St Helens South & Whiston and St Helens North both with increased majorities.

Marie Rimmer was victorious in St Helens South and Whiston after gaining 35,879 votes – a majority of 24,343, up from 21,243 in 2015.

Meanwhile Conor McGinn defended his St Helens North seat after winning 32,012 votes – a majority of 18,406, up from 17,291 in 2015.

Voter turnout for both constituencies was up on figures for 2015 with the turnout for St Helens South & Whiston at 67 per cent, up from 62.3 percent in 2015  and turnout for  St Helens North,  at 66.1 per cent, up from 61.5 per cent in 2015.