Adland has welcomed the news that Rishi Sunak will become the next UK prime minister.
It was confirmed at 2pm today (24 October) that Sunak would take over from outgoing Liz Truss after his rival in the Tory leadership race, Penny Mordaunt, pulled out.
Truss resigned as prime minister on 20 October after only 45 days in office. The move followed weeks of political chaos after former chancellor Kwasi Kwarteng announced a heavily criticised mini-budget on 23 September.
Kwarteng was replaced by Jeremy Hunt who took over as chancellor on 14 October and subsequently reversed nearly everything that had been announced in the mini-budget.
Sunak, who was backed by more than half of Tory MPs in the leadership race, said in his first speech as Conservative Party leader that he was “humbled and honoured” to have the support of his fellow MPs. He further warned that the UK faces “profound economic challenges”.
Paul Bainsfair, director general, IPA, said: “We welcome the appointment of Rishi Sunak as our new prime minister. We hope that this brings to an end the political turmoil that has caused so much damage to the country and that he will be able to provide the financial acumen, clarity, certainty and confidence that we are seeking from government.
“Firm foundations that allow our agencies to make more solid, longer-term plans to build and grow their businesses and those of their clients. On top of that we are of course still keen to engage with government further on the significant issues affecting our industry, including HFSS regulation, the Online Advertising Programme, the privatisation plans for C4 and more.”
Sue Eustace, director of public affairs at the Advertising Association, said: “We would like to congratulate the Rt Hon Rishi Sunak MP on his succession as prime minister and look forward to working with him and his team in due course. We are entering a period of economic uncertainty, and as recent events have shown cost of living and the impact of interest rates are still very much at the forefront among the challenges we face.
“Hence, we are keen to learn more about the government's plans to stabilise market conditions to set the ground for future growth. The advertising and marketing sector, with its creativity, dynamism and export success – is an important component of that growth story, and our previous research has demonstrated that every £1 spent on advertising can generate £6 for the wider economy."
She continued: "However, we do need to work with government to address immediate and long-term issues affecting our sector. If we can get the right policies, we can unlock those barriers to fulfil that potential and do our part to get the UK back on a path of sustainable and green growth.”