As Johnson Resigns, Business Groups Call for Stability

Businesses in the United Kingdom have called for stability after Prime Minister Boris Johnson resigned as Conservative leader and the race to find a replacement began. According to the CBI, the "political vacuum" must be "filled quickly to protect people's living standards."

"What business hates most is uncertainty and instability," warned the Institute of Directors. Mr. Johnson has stated that he intends to remain prime minister until a new Conservative leader is chosen. However, it is unclear when this will occur.

On Thursday, the chairman of the Commons foreign affairs committee, Tom Tugendhat, announced his candidacy to replace Mr Johnson, claiming that "taxes, to put it bluntly, are too high." He joins Attorney General Suella Braverman, who has also declared her candidacy.

Some MPs and business leaders suggested he step down sooner rather than later to allow a new administration to address the sharpest rise in living costs in 40 years, which is causing hardship for millions of UK households.

Kwasi Kwarteng, the Business Secretary, tweeted that a new leader was needed "as soon as practicable."

"Someone who can rebuild trust, heal the country, and set out a new, sensible and consistent economic approach to help families," he said.

Richard Burge, chief executive of the London Chamber of Commerce and Industry tweeted: "I believe it is wrong for Boris Johnson to continue as interim PM. He has shown no contrition about his behaviour and judgment, and cannot (or will not) change his character. Both are damaging to our international trading reputation, and to London as the world's greatest city."