AS Rishi Sunak completes the fastest journey in modern political history from starting as an MP to becoming prime minister, business leaders have been reacting to our new Prime Minister being named.

John McCabe, chief executive officer, North East England Chamber of Commerce, said: "We would like to congratulate Rishi Sunak on becoming the UK's new Prime Minister. "We now urgently need to see stability returned to government and markets.

It is crucial that Mr Sunak and his ministerial team listen to business concerns in the North-East, and that his appointment marks the start of real action to deal with the significant economic pressures facing businesses and households in the region.

"Investment in the North-East remains vitally important and there must be a renewed emphasis on greater devolution for the region and Levelling Up.

"We invite Mr Sunak to work with us and our members on seizing the opportunities for growth and tackling the difficulties we face as a region."

Tees Valley mayor Ben Houchen, who had sided with Boris Johnson in the leadership battle, said: "I'd like to congratulate Rishi on becoming Prime Minister. He's helped to deliver projects across Teesside, Darlington and Hartlepool that will create long term opportunities that will transform our area.

"From the UK's first and largest Freeport in Redcar through to the new Treasury Campus in Darlington, he's been a huge ally and friend to our area and I will hold his feet to the fire to make sure progress continues now he's Prime Minister."

Karl Pemberton, managing director at Active Chartered Financial Planners, said: "The last few months have been turbulent for the market, so now we and our clients would like to see the government must focus on stability and getting the economy back on track.

"Of the candidates we saw this time, Rishi Sunak was certainly the most qualified to deliver on this and we hope that, as a local MP, he will continue to deliver on the previous promises and commitments made to the region. "

David Horn, director at CyberWhite, said: "I think it's great that we have a new prime minister who is familiar with the area and will continue to put the levelling up agenda front and centre when making decisions. As chancellor, Rishi Sunak brought the treasury to the Tees Valley, and that has created jobs and opportunities in the region already."

Dr Arnab Basu, chief executive officer of Kromek Group PLC, said: "Rishi Sunak is the 57th occupant of number 10 Downing Street and the first British-Asian person to take on the role of prime minister. It is testament to the openness, benevolence and the principle of meritocracy that has been the foundation of modern Britain that his heritage is only an addendum to his talent and record, rather than being the focus.

"As a businessman of similar lineage, I have experienced the same welcome since I came to the UK as a student in 1996 and throughout my journey building Kromek, a technology business based in County Durham, with a mission to save lives and keep people safe. I wish the new prime minister the very best in his new role as he seeks to steady the ship and move Britain positively forward."

Andrew Megson, chief executive officer of Yorkshire-based My Pension Expert, said: "Market stability will be a priority. Sunak's first leadership campaign was led on a promise of fiscally conservative policies, which has already pleased the markets and given the pound a boost. However, it's also crucial that the new PM focuses on immediate reassurances for Britons struggling to stay afloat amid a soaring cost-of-living crisis."