Boris Johnson

Industry reacts to Boris Johnson being named new PM

Boris Johnson has been elected as the new Conservative Party leader and will become prime minister.

The announcement was made today at the Queen Elizabeth II Centre in London, where he won 92,153 votes. 

Jeremy Hunt won 46,656 votes.

In the run up to the vote, Johnson declared that he will make sure the UK leaves the EU by 31st October 2019.

His other pledges included offering preferential tax treatment to companies that offer their employees counselling, providing funding for technical and vocational education and increasing police numbers by 20,000.

The MP for Uxbridge and South Ruislip will now attempt to lead the country through Brexit negotiations.

After winning the election, Johnson said: “We are going to energize the country, we are going to get Brexit done by October 31st, we’re going to take advantage of all the opportunities it will bring in a new spirit of can-do, and we are once again going to believe in ourselves and what we can achieve.

“Like some slumbering giant, we are going to rise and ping off the guy ropes of self-doubt and negativity with better education, better infrastructure, more police, and fantastic full-fibre broadband sprouting in every household. 

“We are going to unite this amazing country and we are going to take it forward.”

Specialist finance industry reacts to Boris Johnson named as new PM

Joshua Elash, director at MT Finance, was delighted with the result.

“Boris has been clear: as prime minster he will deliver Brexit, deal or no deal, on or before 31st October. 

“No more nonsense.

“This gives the market the certainty we all so desperately need.

“We excitedly believe that the financial services industry, as a whole, can now look forward to a brighter future.”

Paresh Raja, CEO at Market Financial Solutions, believed that Johnson’s appointment posed more questions than answers.

“The most pressing of all is his strategy towards progressing Brexit. 

“Given the hardships faced by Theresa May in her attempts to get her withdrawal bill through parliament, it remains to be seen how he will be able to achieve this.

“While not downplaying the significance of Brexit, we also cannot let this overshadow some of the pressing issues facing the property market.

“There’s a myriad of challenges that need to be addressed and, so far, creative action to address these has been minimal.

“That’s why it is vital for Boris not to let Brexit continue to dominate the political landscape.

“Vision and leadership are needed to ensure we can also address pressing national challenges, such as the housing crisis.

“At the same time, it will likely encourage more investment activity, with investors being able to clearly plan for the future.”

Nicola Firth, CEO at Knowledge Bank, said: “Our market has been surprisingly resilient over the past three years since the referendum.

“Regardless of the outcome of Brexit, it will at least bring a conclusion to the process and end the uncertainty, so that people know what they need to do to move forwards.”

Jonathan Sealey, CEO at Hope Capital, added: “It is at least positive to have a new prime minister in order to end the uncertainty about who will be leading the country and negotiating Brexit in its final stages. 

“If his promises are kept, we will be exiting the EU by 31st October, meaning the end of this unstable and uncertain period we’re currently in. 

“Lenders and borrowers will benefit from the end of an extended period of change and uncertainty, which should lead to borrowers having the confidence to make the purchases and investments they may have been putting off until now.”

Nick Wilcox, director at Valorem Partners, stated that Johnson had a mountain to climb for the UK to depart the EU on favourable terms by the end of October.

“But he possesses an incredible ‘can-do’ attitude and one this country must adopt in order for us to thrive in this new political era. 

“The UK will defiantly be ‘open for business’ under Boris’s reign as we head into Brexit and out of Europe for good.”

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