How could Boris Johnson’s resignation impact business?

“In general, it’s an uncertain time in business and the economy. But, we mustn’t let this distract us from our collective business plans.” 

“Boris Johnson’s resignation means there is going to be a period of political changes that we simply cannot predict. So, we need to prepare to adapt wherever necessary, but not hold back or wait for politicians to dictate our business plans.”

“We cannot let the flux in government hinder British business in such an important year of building back from the pandemic.”

– Stuart Crook, Partner at Wellers, Oxford

“The new PM needs to bring about stability so the government can govern and not be spending time defending behaviours. Businesses fuel the wealth of the economy so the most positive way out of the economic challenges is for the government to introduce/retain policies that support all size businesses.”

– Graham Caleb, Acting CEO at Predli Limited, Oxford

“The effect of Boris Johnson’s resignation on business will be positive but there will still be lingering uncertainty until a successor is found. If he is not replaced by his deputy Dominic Raab now, and Johnson stays temporarily, this state of limbo could last until October.”

– Colin Rosser, Director at B4 National

“Perhaps now we have got past the politics of the celebrity, we are likely to gain a PM that is focused less on their own persona and more on the issues of the day. Britain can refocus on trying to get off the bottom rung of the economic league table among the G7, readying our economy for recession as the west rightly reduces the world’s dependence on Russian power, and look at all of the massive challenges to the country and the world.”

– Peter McLintock, Partner at Mills & Reeve, Oxford

“At the time of writing this 2.34 PM, the Government have just announced Greg Clark of Secretary of State for DLUHC. Michael Gove was sacked from the position last night! – what next for the housing market?” 

“Boris has now resigned, the government is in threads, the property market will feel a short dent as the public reel from the soap opera at No10. However, the housing market is not about Governments (of any coloured rosette) it’s about people, families & the need & desire to move & move on!  There is always a market.” 

“Since the PMs announcement at 12:30, our phones have been busy, people are viewing, making offers & readying themselves to move in. Agreed, we need stability In Westminster

sooner rather than later, I am confident that this buoyant market will continue for some time to come if interest rates remain sensible. A new PM will settle the ship & the market will refocus.”

– Russell Griffin, Director of Samuel Wood, Shrewsbury

“Months of further uncertainty are ahead while our government is distracted with a leadership contest, and multiple ministers in new posts ‘getting up to speed’. I hope, however, that given the pressing issues the UK is facing, that leaders boldly focus on the country, not themselves, and focus fresh thinking towards solutions not recrimination.”  

– Emma Easton, Founder Business Bollox, Oxford

“Boris’ resignation today should be the sort of thing that causes economic uncertainty, but I think the fact it was so easy to predict after the events of the last 48 hours has tipped that norm on its head. In fact, the instant reaction of the markets is a testament to that, with the value of the pound increasing immediately by one cent on the dollar. There will be a flurry of political excitement for now, and I’m sure some looming economic uncertainty, but the overall impact on the property market will be negligible. We’ll be bashed about more by the Bank of England trying to counter inflation – something they’d be doing regardless of who is PM.”

– Rowan Waller, Owner of Wallers Estate Agents, Oxford