While it’s still too early to know the true impact of the 2017 general election, Med-Tech Innovation has been watching the reactions of the medical and manufacturing communities.
So, we’re back on familiar ground. The UK faces a hung parliament, and there’s no real knowing when a new government will be established. In 2010 it took five days for a coalition to form.
At the time of writing, it has just been announced via the BBC that current prime minister Theresa May will visit Buckingham Palace today at 12:30pm to seek permission to attempt to form a government.
Meanwhile Jeremy Corbyn's Labour party is also ready to attempt to form a government, reports the BBC.
Commenting on the outcome of the election, Terry Scuoler, Chief Executive of EEF, the manufacturers’ organisation, said:
“Business has become used to political uncertainty in recent years, and industry’s ability to stay calm and help keep the British economy moving in the right direction will be critical in the unpredictable days ahead. While politicians work out a solution to the leadership of the country, they must put industry first and ensure business receives as much support and backing as possible.
“The Brexit negotiating strategy requires a careful rethink. Industry should be at the table, alongside whatever administration is formed, to help ensure we have the right negotiating position, which is something that's been sadly lacking until now.
“The main parties have championed an industrial strategy for Britain and this must not be a casualty of the political turmoil. It is the best blueprint for business in the current circumstances.”
Meanwhile the Association of the British Pharmaceutical Industry (ABPI) stressed the importance of putting public health first, despite political uncertainty.
“This political uncertainty is as damaging for the pharmaceutical industry as it is for other businesses”, said Mike Thompson, Chief Executive of the ABPI.
He added: “Having triggered Article 50, there are crucially important decisions that the UK Government and the European Union need to resolve within timelines that were already very challenging.
“We need politicians in the UK and across Europe to be pragmatic, and ensure that they put the interests of patients and public health first. In all scenarios, we will need continued cooperation with Europe on all aspects of medicines regulation."
UK markets in general are noticing the impact of the current political discord. As of 8.30am this morning, Digital Look reported that the pound was down by 1.6% against the euro and 1.9% against the dollar.
