Rishi Sunak becomes UK prime minister – trade reaction
Rishi Sunak, has been confirmed as the new UK prime minister after being elected Conservative Party leader on 24th October.
Sunak who was the previous chancellor under Boris Johnson, won the Tory leadership contest after rival Penny Mordaunt failed to secure enough backing from MPs.
Mr Sunak, 42, will be the UK’s first British Asian prime minister and the youngest to hold the office for more than 200 years. In his first speech, Mr Sunak said that “bringing his party and the UK together would be his utmost priority”.
Trade reaction was swift with various degrees of concern about the turmoil leading up to Rishi Sunak replacing Liz Truss, who as many in the food industry feared was significantly challenged in holding the top job when she became prime minister just seven weeks ago.
Norman Bagley the policy director at the Association of Independent Meat Suppliers (AIMS) commented: “From a personal point of view and as a constituent of his, I wish him all the very best in these difficult circumstances, but having met him and observed an extremely courteous, able and popular constituency MP, I feel sure he will measure up to the huge job in hand. From an industry aspect I do hope he continues to appreciate and help build on the enormous contribution the meat industry makes to the UK economy.”
Whilst Tony Goodger, also from AIMS said: “The new prime minister faces an enormous in-tray which can all be whittled down to one key issue, market confidence. As an MP for a rural constituency Mr Sunak is on record as saying; ‘I will do everything I can to help our farmers capitalise on the great opportunities ahead having left the European Union and the Common Agricultural Policy. As global food consumption rises, efficient and competitive farms can grow and export around the world.’
“As constituents of Mr Sunak, AIMS are looking forward to meeting with him to discuss the challenges which our members are facing with regulations and in-put costs, which add unnecessary burdens in order that they remain efficient and competitive in every market they supply, be it domestic or overseas.”
Nick Allen of the British Meat Processors Association (BMPA) said: “The industry needs stability and direction now. We need to know what support we will get during the energy crisis. We need a new immigration policy to tackle the ongoing labour shortage. We need a food policy that blends environmental sustainability with food security. And we need the government to work more closely with industry when negotiating trade deals.
“Of all the ingredients that go to generate growth, confidence is the most important thing. Unfortunately, the uncertainty we’ve experienced over the last 12-months has created a lack of confidence to invest in the future of the food sector here in the UK. Our sincere hope is that Rishi Sunak will be able to turn this around.”
Confidence, certainty and growth
Martin Morgan, executive manager at the Scottish Association of Meat Wholesalers (SAMW) echoed many others saying: “The economic instability that all sections of society have endured recently has been unprecedented, with interest rates fluctuating widely. Business certainty does not need chaos and we hope that the new PM delivers a platform that builds confidence and growth.”
Gwyn Howells, chief executive of Hybu Cig Cymru-Meat Promotion Wales (HCC) added: “There are serious challenges facing the UK at present. The international situation has seen food security rise up the political agenda, inflation is a concern for both farmers and processors as well as consumers, and the challenge of climate change is ever-present. A period of stability and working together will be key; in Wales and the rest of the UK, with our sustainable red meat production methods, we feel we have many solutions to the challenges we face in balancing food security and our environment.”
Food security
British Poultry Council (BPC) chief executive Richard Griffiths also highlighted food security saying: “Our food security is more crucial than ever, and it’s a brutal reality our new prime minister must address – and quickly. With the social and economic pressures we face deriving from Brexit, a cost of living crisis and war in Ukraine, access to a secure and affordable supply of food will become one of our nation’s biggest challenges. For the good of our plates and our economic prosperity, we must see Mr Sunak and his new government ensure a robust food security policy that has domestic production at its core.”
Rod Addy of the Provision Trade Federation (PTF) summed up: “The food industry, as well as the country, now looks to Rishi Sunak and his cabinet for stability and certainty to address the cost-of-living crisis and continued global supply chain disruption. In particular, food processors need more support to battle high energy costs and tight labour availability.”
Picture credit: 10 Downing Street.
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