Commenting upon the legacy of Tony Blair for the business community David Frost, Director General of the British Chambers of Commerce, said:

 “The last 10 years have given business the one economic condition they desire above all others - stability.  Granting independence to the Bank of England has helped to create created conditions that stand in stark contrast to the preceding decades.

 “Unfortunately it is the unfulfilled promises on education that businesses will remember Tony Blair for.  The recent record levels of migrant labour from Eastern Europe has helped to mask the tragic truth that far too many young people are leaving our schools with neither the qualifications or aptitude to enter the workforce.  We are in danger of creating two nations, with an increasing number of people who have no experience of the world of work being left behind.

 “Business will also look back with annoyance about the ever encroaching levels of red tape and taxation that have shackled enterprise.  Since 1998 red tape has cost the UK economy £55.6billion and this shows no sign of abating.  The Government has talked a lot about creating an enterprise economy but in reality the support budding entrepreneurs need has not been forthcoming, with the recent rise in the small companies corporation tax rate being a case in point.

 “Overall I believe the Blair years will be seen as one of missed opportunities for the economy. 10 years of stability have not been capitalised on and problems have been stored up for the years ahead.”