The head of Britain’s largest small business lobby group has cautioned that an election victory for Labour is not assured, following Rishi Sunak’s announcement of a snap general election.
Martin McTague, the national chairman of the Federation of Small Businesses (FSB), emphasized that both parties must garner support from business owners to triumph in the July 4 election.
This statement came on the same day official data revealed a drop in inflation to 2.3% in April, aligning closer to the Bank of England’s target from a previous 3.2%.
Despite Labour’s significant lead over the Conservatives in the polls, McTague expressed on BBC Radio 4’s Today programme that interpreting the rising confidence among FSB members is challenging. He noted it’s unclear whether this confidence stems from the Conservative Party’s economic management or anticipation of a Labour government.
He reiterated, “It’s not certain. Each party must secure the votes of these business owners.”
Sunak: We have restored economic stability
The Prime Minister has initiated his general election campaign, citing his track record as evidence of a definitive strategy for the nation.
While speaking on BBC Radio 4’s Today programme, he noted that upon his entry into office, “inflation was nearly at 11pc” and “the cost of living posed a significant issue.”
He highlighted that inflation has since “returned to normal levels,” with recent figures indicating a decrease to 2.3pc in April.
He stated, “The economy is now outpacing our major rivals, and wages are increasing sustainably. While there is still more to be done and the benefits are just beginning to be felt by the public, we have certainly turned a corner and restored economic stability.”
He continued:
“I am confident in my comprehensive plan and my readiness to make daring decisions, as my track record shows. This is essential for securing a stable future for everyone, their families, and our nation amid growing global uncertainties.
That’s why I believe now is the appropriate moment for this discussion.”
