General Election 2024: Focus on economic growth, bosses tell new Prime Minister Keir Starmer

Rain Newton-Smith, chief executive of the CBI, said: “Delivering sustainable growth should be the defining mission for the new Government.

“Business stands ready to bring its innovation, ideas, and investment to make that shared mission a reality.

“The new Prime Minister has been given a clear mandate to take the tough decisions on areas like planning reform and boosting grid capacity needed to get the economy firing on all cylinders.”

Labour’s economic plans include a new national wealth fund to boost investment, as well as the development of a 10-year infrastructure strategy.

Stephen Phipson, chief executive of Make UK, said: “Business will welcome such a clear result and an end to the political and economic instability of the last few years which is essential for companies to now bring forward much-needed investment.

“Looking ahead, the new Government has a lot in its in-tray to address. First and foremost is the urgent need to kick-start the UK’s anaemic growth levels of recent years and boost investment in our infrastructure, without which we cannot address the many urgent priorities the country faces at national and regional level.”

Amanda Beresford, chair of West & North Yorkshire Chamber, said she hoped Labour would make good on its manifesto commitment to grow the economy and create the environment that allows businesses in Yorkshire to grow, invest and create jobs.

Helen Dickinson, Chief Executive of the British Retail Consortium, said: "Labour recognised that the business rates system is broken. With retail paying 22 per cent of the total rates bill while accounting for 5 per cent of the economy, it is the number one thing in the way of increased retail investment which could unlock growth across the economy. So we look forward to further engagement on the details as the work starts here in turning commitments into delivery.”

Greg Jackson, founder of the UK’s biggest energy provider Octopus, said: “Voters have rejected anti-net zero rhetoric and chosen cheaper, cleaner, more secure energy.”

He said the result was a “landslide for a green economy”.

Chris Jowsey, chief executive at Admiral Taverns, which manages about 1,600 pubs, said: “We look forward to working with the new Government to ensure pubs get the recognition they deserve for all the hard work they put into communities across the UK.”

Steve Hare, chief executive at global software company Sage PLC, said: “Many leaders of the UK’s small and medium-sized businesses will welcome a decisive outcome, as businesses need certainty and a stable policy environment to grow and thrive."