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KPMG comments on the business and economic impact following the election outcome

KPMG comments on impact following the election outcome

Vice Chairman and Head of Brexit at KPMG in the UK, James Stewart comments on the impact following the election outcome.

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Commenting on the impact following the election outcome, James Stewart, Vice Chairman and Head of Brexit, KPMG UK says:

“Business will welcome the clarity of the election outcome.

“However in terms of the Brexit deal, the attention will be on the final exit deal in 12 months rather than the transition deal at the end of January.

“The Government’s two priorities for the next 12 months should be securing a good Brexit deal and getting the UK back on the path to growth – for example, investment in infrastructure and upskilling the UK workforce.

“Businesses and people will also be hoping for an inclusive government that addresses the divisions in society and achieves a better future across the UK.”

Yael Selfin, Chief Economist at KPMG UK, added:

“Reigniting investment spending and accelerating growth will be key for the new government but as the cloud of uncertainty around an EU deal is likely to remain throughout next year, public spending will need to do the heavy lifting.

“The new government must also turn its attention to some of the longer standing challenges facing the UK, such as poor productivity and declining regional opportunities, to help secure a better long term future, while addressing the challenges and opportunities presented by new technology and climate change.

“Although there is a broad consensus that a measured increase in public spending is right for the UK, limited capacity, both within government as it focuses on completing a deal, and in the labour market, call into question the extent of a boost it will bring next year. It could now be time to accelerate devolution and reconsider UK future migration policy.”

                                                    -ENDS-

For media enquiries, please contact:

Gill Carson, Corporate Communications

Tel:       +44 (0) 20 3078 4189

Email:   gill.carson@kpmg.co.uk

 

KPMG Press Office

Tel:  +44 (0) 207 694 8773

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Notes to Editors:

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff.  The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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