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Business leaders hail Britain's Cameron coalition

Business leaders have welcomed the announcement of a coalition government led by David Cameron.

The recovery from recession needs to be the priority for the new administration, they said.

David Frost, director general of the British Chambers of Commerce (BCC), said: "We look forward to working with the new coalition Government during a critical time for the economy.

"We will judge the new administration on the basis of what it does to promote business recovery across the UK.

"The BCC wants to see the delivery of a clear and achievable plan for business over the first 90 days of a new administration - a plan that puts business growth at the centre stage.

"Fixing the public finances must be at the top of the agenda. The Conservative-led coalition must be absolutely clear about where spending cuts will fall, and about the need to curb relentless growth in the size and cost of the public sector. They must also follow through on their promise to roll back the planned employer National Insurance rise in any emergency Budget."

Richard Lambert, director general of the CBI, said: "The agreement between the Conservative and Liberal Democrats to form the next Government is welcome news. Business wants to see a stable government with the authority to take the tough decisions that will be required to keep the economic recovery on track and to get a grip on the fiscal deficit. This coalition should have the votes and the mandate to get on with the job.

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"In the past few days, leaders of all three of the main political parties have emphasised their commitment to restoring fiscal stability in the national interest. That must be their overriding priority in the months to come."

Earlier today a survey revealed the election result had left firms lacking confidence in the economy.

A survey of 3,200 companies by the Federation of Small Businesses (FSB) showed that 54% would not be hiring staff or introducing new products and services in the wake of the political turmoil.

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