Trade reacts to election result

Claire Dodd

Claire Dodd

09 June 2017

This is a developing story and will be updated as reaction comes in

As the dust settles, and the leading parties scramble to form a government, the trade has begun to react to what the election outcome might mean for hospitality businesses.

A Conservative majority – but not overall win – has begun speculation that Britain may not be braced for the 'hard' Brexit Theresa May had promised. Brexit negotiations had been due to begin on June 19.

With one seat still yet to be declared, the Tory party is set to win 318 seats, against Labour’s 262. The value of the pound fell sharply this morning as the markets woke up to the news, dipping 2.3% against the US dollar, before setting to around $1.2735, around 1.7% down.

British Beer & Pub Association (BBPA) chief executive, Brigid Simmonds, said: 'I hope the current uncertainly can be quickly resolved, as there are many urgent issues that need attention.

'With the Brexit negotiations due to begin, I hope we can secure very swiftly the rights of existing EU staff in our sector, and begin to put in place arrangements that ensure we have access to the skills we need, and trade as freely as possible.

'Whilst Brexit will bring opportunities as well as challenges, the sector needs a stable policy framework with no new and unnecessary costs and red tape. We are already dealing with a great many new costs and regulatory challenges this year, with a big increase in beer duty in the Budget, and unfair business rates, among others. We need a relentless focus on measures that actually help business to create jobs and growth.'

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