Following heavy losses for the Conservatives and SNP, and gains for the Liberal Democrats and other parties, the election resulted in a new Labour government holding a majority of more than 400 seats.

Commenting on the results, Bruce Cartwright CA, CEO at the Institute of Chartered Accountants of Scotland (ICAS), said: “We congratulate and welcome the new Labour Prime Minister and his colleagues following their historic victory last night.

“As the oldest professional accountancy body in the world, it’s our job to work in the public interest and we’re optimistic about working with the new government to make positive changes for the UK and Scotland.

“We hope the new Labour government will quickly bring forward the long-delayed audit and corporate governance reforms that will help restore trust in business and protect livelihoods.”

He continued: “Investing in HMRC to address poor service levels, enhancing apprenticeship programmes and routes into professions, and increasing funding for accountancy and financial education will all be crucial steps for Labour to support the business community.

“Labour’s sustainability commitments now need to prioritise bringing forward legally enforced reporting standards, re-positioning the UK as leaders in sustainability and net-zero goals.

“Lastly, we urge collaboration to improve financial regulation, ensuring it is fair, proportionate, and enhances our global reputation as a business-friendly environment.”