New prime minister Theresa May has appointed Philip Hammond as the Chancellor of the Exchequer, replacing predecessor George Osborne.

Mr Hammond has previously held the position of transport minister and foreign secretary. He has indicated that he is not currently planning to hold a “Brexit budget” before Autumn Statement 2016.

Industry bodies have reacted to the new prime minister and her initial ministerial appointments.

Confederation of British Industry (CBI)
Carolyn Fairbairn, director general of CBI said that negotiating a new relationship with the EU is the upmost priority:

“Businesses will look forward to working with the new government to preserve the openness of the UK’s economy, specifically access to markets, skills and trade.”

Institute of Directors (IoD)
Oliver Parry, head of corporate governance at the IoD, said:

“The IoD has long argued that the leaders of large corporations have a responsibility to consider how their actions affect the general reputation of business. Theresa May has suggested some bold solutions, and the details will need to be considered carefully, but the IoD agrees it is time to give shareholders more control over executive pay.”

British Chambers of Commerce (BCC)
The BCC has said that positive and vital steps to supporting businesses and trade would increase both confidence and investment at such a critical time:

“The watchwords for business remain stability, clarity and action. Bold decisions to progress key infrastructure and construction projects, guarantees for EU nationals working in British firms, and a commitment to seek the best possible terms of trade for the future would be an excellent start.”

Association of British Insurers (ABI)
Huw Evans, director general of the ABI, said:

“We will engage constructively and effectively with the new UK government in the months and years ahead as it navigates our exit from the European Union and the many public policy issues which our industry engages with.”