Responding to the maiden speech by the Chancellor of the Exchequer, Rt Hon Rachel Reeves, Anna Leach, Chief Economist at the Institute of Directors, said:

“The Chancellor is right to focus on the need to deliver stability and growth for the long-term. It is great to hear priority being given to addressing the UK’s sclerotic planning system, and the delivery of renewable energy, and we look forward to further details on the National Wealth Fund.

“Specifically, we are looking for the new government to address some of the key challenges affecting the economy. Labour and skills shortages remain persistent issues for our members, as does the trading relationship with the EU. An industrial strategy which drives investment is needed in order to build long-term confidence in UK stability, and to lift productivity and living standards.

“In the lead up to the General Election, the IoD has been in regular dialogue with the new Chancellor and her team, and we are reassured by her rhetoric around wanting to work in partnership with business.

“We look forward to working with the new government to create a resurgent UK economy in which individual companies and directors have the confidence to invest and grow.”