IOE and IT chief calls for new PM to support exporters, provide stability and tackle inflation

Mon 24 Oct 2022
Posted by: Phillip Adnett
IOE News

Downing Street Rishi Sunak to become next PM

New prime minister Rishi Sunak has been urged to “swiftly prioritise business support” by the director general of the Institute of Export & International Trade (IOE&IT), Marco Forgione.

Forgione made the comments in a letter – seen by the IOE&IT Daily Update – which will be sent to Sunak following his victory in the contest to become the new leader of the Conservative Party today (24 October).

Historic moment

Rishi Sunak is expected to be formally offered the role of prime minister by HM King Charles tomorrow after competitors Penny Mordaunt and Boris Johnson withdrew from the leadership contest.

He succeeds Liz Truss who resigned on 20 October after only 45 days in office. Sunak will become the first Asian PM in British history once he assumes office.

IOE&IT comment

Writing to the incoming prime minister, the IOE&IT’s director general Marco Forgione said:

“We urge you to swiftly prioritise business support and provide clarity on the economic programme of this government going forward.

“It is urgently required at a time of 40-year record high inflation and with the number of businesses exporting in decline.

“As you will be only too aware, it is smaller businesses who are most exposed in the current cost of living crisis, with inflationary pressures presenting huge challenges.  Many of these businesses will be trading internationally and those that are not will certainly be dependent on international supply chains.

“Certainty and coherence from your government will be vital in order to secure long-term, sustainable and competitive trade policies.”

Sunak speaks

Following his win, Sunak, speaking from the Conservative Party head office, said:

“It is the greatest privilege of my life to be able to serve the party I love and give back to the country I owe so much to.

“But there is no doubt we face a profound economic challenge. We now need stability and unity. And I will make it my utmost priority to bring our party and our country together.

“Because that is the only way we will overcome the challenges we face and build a better, more prosperous future for our children and our grandchildren.

“I pledge that I will serve you with integrity and humility, and I will work day in, day out, to deliver for the British people.”