With the UK opting for a hung parliament, political parties have been urged to put aside their differences and create a functioning administration as soon as possible.

The Forum of Private Business says small to medium-sized enterprises (SMEs) are crucial to Britain’s economic recovery, with the potential to create jobs and spearhead innovation.

Forum chief executive Phil Orford says: “I expect many smaller businesses will be disappointed that the election has resulted in a hung Parliament.

“However, the outcome can’t be changed so it is vital that the newly-elected MPs put aside party politics and work together to come up with a credible system of governance.

“With the economy still in a very precarious state and a mountain of public debt to be tackled, businesses owners need our elected representatives to move away from inter-party point-scoring and show political responsibility.

“Small businesses are the lifeblood of UK Plc. I would urge all the political parties to do everything they can to come to a swift, workable consensus in order to secure the prosperity of Britain’s SMEs and the wider economy.”

Dr Adam Marshall, director of policy at the British Chambers of Commerce (BCC), adds: “Companies across the UK have expressed significant concerns about how a hung parliament could affect the decisive action needed to cut the deficit and improve the business environment.
 
“The electorate has spoken – and opted for a hung parliament. But the business community has also spoken – and expects the parties to put political horse-trading to one side and put the UK economy at the heart of their thinking. Strong leadership and consensus are required to deal with the serious threats still facing the economy.
 
“This week’s lesson from the eurozone is that we must avoid a crisis of confidence at all costs. British business wants to see a speedy resolution to political negotiations, the formation of a Government, and an agreed policy of putting the economy first.”

Kevin Green, the Recruitment and Employment Confederation’s chief executive, adds: “The political ’twilight zone’ of a hung parliament is likely to delay some of our priorities such as the official guidance and potential review of the AWR.

“However, we can begin to get our messages across to incoming MPs and promote the positive role that our industry plays in constituencies across the UK.

“Recruiters can make a real difference over the coming weeks; the voice of the industry must be at the heart of the debates on jobs, regulation and economic growth.”