Business leaders have welcomed yesterday’s historic coalition deal between David Cameron’s Tories and the Liberal Democrats but warned that there is still much work to be done to restore economy stability.

“The past week has been an anxious and worrying time for small business owners,” said Phil Orford of the Forum of Private Business.

“Smaller firms urgently need some degree of certainty so they can begin to plan for the future. Hopefully, Cameron’s appointment will herald the beginning of a workable government that will ensure economic stability and give smaller firms the confidence to aspire and grow.”

Both parties have vowed to make reducing the UK’s budget deficit a top priority.

The Tories will now press ahead with plans to raise the threshold for employers’ National Insurance contributions – but the FPB urged Cameron to completely scrap the rise proposed by the previous government.

Recent research by the body found that 70% of small business owners were struggling to plan ahead for 2010 even before last week’s inconclusive election.

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