The Advertising Association (AA) CEO Stephen Woodford and the Institute of Practitioners in Advertising (IPA) director general Paul Bainsfair, have both given statements in response to the news that Boris Johnson is resigning as Prime Minister.
Both AA and IPA representatives believe that the country needs a Prime Minister and government that understands the value of advertising to the economy.
“Our country needs a Prime Minister and Government that can provide stability, a long-term strategic vision and calm stewardship to lead us through the volatility of the months ahead and return UK plc to growth,” IPA director general Paul Bainsfair said.
“Our industry urgently requires stability in order to be able to fully engage with the evidence on the topics that matter to business and society. There are a number of chunky issues already in the government’s inbox including the planned privatisation of Channel 4, impending HFSS legislation, the Gambling Review White Paper as well as the Online Harms Bill.
“We need a Government that fully acknowledges the value of advertising to the economy and, rather pressingly, that heeds our evidence that diverting marketing budgets to hold down prices artificially at a time of inflationary supply-side costs and weakening consumer demand – as reported that the impending Government-funded campaign will encourage UK companies to do – would at best result in short-term switching between promoted products at the cost of damaging the long-term growth of brands, businesses, and the economy as whole.”
READ MORE: Brands react to Boris Johnson quitting as PM on Twitter
AA CEO Stephen Woodford added: “The Advertising Association urges the government, in this transition period to a new administration, to deliver clear, consistent leadership with properly informed, evidence-based policy decisions that support jobs and sustainable growth.”
“Advertising brings a positive economic and social contribution, particularly worth appreciating in its role in supporting businesses and jobs during difficult economic times.”
“With every £1 spent on advertising generating £6 of GDP and adspend reaching record levels of £32bn last year, it is a key element of competition and growth. Along with exports exceeding £11 bn in 2020, it makes a major contribution to the UK’s success and prosperity and we will ensure that is fully recognised by the new leadership team.”
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