Theresa May’s premiership continues to come under pressure following a dramatic election outcome last Thursday, with business confidence in the U.K sinking, according to a new survey.
A snap poll of 700 members of the Institute of Directors found a “dramatic drop” in confidence following the hung parliament resulting from the election, with 65 percent citing the outcome as a major concern.
Whilst 20 percent still remain optimistic about the UK economy for the remainder of the year, 57 percent are now deemed themselves either quite or very pessimistic.
Stephen Martin, IoD director-general said that the political uncertainty that ensued may significantly impair the health of the UK economy should the government not adapt its approach.
“The needs of business and discussion of the economy were largely absent from the [general election] campaign, but this crash in confidence shows how urgently that must change in the new government,” he said.
The shock election result, which saw the Conservatives lose their majority, means that Theresa May will have to lead a minority government and may find itself unable to pass bills through parliament.
Whilst the government have made a deal with the Irish DUP party, the move has been widely condemned, with over 300,000 taking to signing a petition against the agreement within 24 hours.
Moving forward, of the 700 directors polled, most recognised the necessity for the new government to focus on securing a new trade deal with the European Union as soon as possible.
This comes amid the scheduled Brexit negotiations which are set to commence this week, however, with May’s political authority at home and within her party severely damaged, it remains to be seen how the talks will progress.
Reportedly, some European officials have taken the election to suggest that the British people are in favour of a softer Brexit, having failed to answer Theresa May’s calls to “strengthen her hand” in the upcoming talks.
Earlier this year, Prime Minister May set forward her proposed plans for withdrawing from the union, which included withdrawing the U.K from the single European market.