Business leaders in the West Midlands have given a broadly positive welcome to the appointment of Rishi Sunak as Prime Minister but warned the Government must now enter a period of stability.
Mr Sunak has taken over as leader of the Conservative Party and Prime Minister following a record-breaking tenure of his predecessor Liz Truss which lasted just seven weeks.
Henrietta Brealey, chief executive of Greater Birmingham Chambers of Commerce, said the new PM had to embrace a meaningful partnership with the business world.
"The incoming Prime Minister has already stressed the need for a period of stability," she said.
"Businesses will be hoping that translates into a period of calm as they navigate the ongoing headwinds of inflation, a challenging labour market and significant increases in energy costs while doing what business does best - identifying opportunities for growth.
"In his previous role as Chancellor, Mr Sunak provided unprecedented support to steer businesses through the depths of the pandemic. We hope to see a meaningful partnership with businesses at the centre of his government's agenda.
"We look forward to working with the new administration on finding solutions to the issues firms are currently facing and grasping opportunities for businesses related to levelling up, infrastructure investment and ambitious net zero targets."
Steven McCabe, who is a political economist at Birmingham City University, said Mr Sunak had inherited "an economic situation as bad as any Prime Minister in modern times".
"It may be said not dissimilar to the immediate aftermath of the second world war," he said.
"He must deal with double-digit inflation and the fact that business data suggests impending recession. Interest rates will need to rise and unemployment will increase.
"In collaboration with Jeremy Hunt who will continue as Chancellor, he will need to take drastic action fast to repair the damage caused by Liz Truss and her ludicrous obsession with supply side economics.
"Sunak, a committed supporter of Brexit, should recognise the importance of making things easier for businesses - this would give him something of a radical edge and ensure he puts the UK on the road to recovery."
Sarah Moorhouse, chief executive of Black Country Chamber of Commerce, said the new PM faced a period of "great uncertainty" for businesses and their employees.
"This has been compounded over recent weeks by the political and economic uncertainty caused by the mini-budget and short premiership of his predecessor," she said.
"It is imperative that Mr Sunak and his new administration restore confidence in the markets, tackle rising inflation and the upfront costs of doing business and establish the environment where our members and firms across the Black Country can grow and prosper.
"We need a clear, long-term vision and this means setting out fully costed plans to deal with the big issues facing businesses. We look forward to learning more about the new Prime Minister's plans."
Matt Cole, a teaching fellow at the University of Birmingham, said: "Rishi Sunak's reputation for public economic competence was forged during lockdown and proved in the summer leadership debate.
"Now, he must be both book-keeper to a nation in a new crisis and peacekeeper to the deeply divided Conservative party. Forming his Cabinet and policy are the first steps in a long journey."
The head of Coventry and Warwickshire Chamber of Commerce has called on Mr Sunak to offer a long-term vision to allow firms to thrive and to back a major project for the region.
Chief executive Corin Crane said: "It has been a tumultuous few months and businesses across the region are hoping for a period of calm and stability.
"His first task will be to reassure companies they will get continued support with rising energy costs and also the Government will be able to provide a solution to the problems with recruitment. On top of that, businesses across the region want to see a long-term plan that brings investment and growth.
"We have been on a path of short-term fixes over recent years - due to Brexit, Covid and global events - but firms are crying out for a strategy that gives them confidence to invest for the future.
"Part of that has to be reaffirming a commitment to investment in regional infrastructure, including investment zones, because we believe there is an extremely strong case for the Gigafactory development at Coventry Airport to be one. That would be a real game-changer for the whole of Coventry and Warwickshire."
