Businesses are concerned about the implications of a hung parliament which could be “damaging” for the UK economy, according to one of the UK’s top business figures.

Stephen Martin, the director general of the Institute of Directors (IoD), said the election was a “gamble that didn’t pay off” on his first visit to Kent since taking the job in February.

The Belfast-born construction industry veteran said the business group’s members were “very concerned about the implications” of a hung parliament where the Conservatives rely on the support of the DUP in Northern Ireland.

He made the comments ahead of a speech to members of the Kent branch of the IoD at Shepherd Neame brewery in Faversham on Tuesday.

He said: “It is going to make it difficult for the Prime Minister to govern as forcibly as she has previously, having lost her majority.

“Our members dislike the uncertainty that creates because the political uncertainty feeds through into our members’ investment decisions, employment decisions and that is not good.

“The longer it continues it could be very damaging for the UK economy.”

Mr Martin also said he would push for details of a transitional arrangement with the EU to be revealed, saying two years is “an incredibly tight timetable to get everything done and dusted”.

He said: “We would welcome any transitional arrangements which give clarity and certainty to the UK like still having unfettered access to the European single market and no customs duties coming in place.

“Anything which can extend that whilst we finalise the Brexit deal will be very important to our members.

“The real danger is it’s going to be quite a few months before the trade arrangements are actually discussed because the first thing the EU wants to talk about is money and guaranteeing rights for EU citizens in the UK.”

Aside from Brexit, Mr Martin said he would push for investment in infrastructure, which he described as a “big issue” for Kent.

He said: “The Port of Dover is such an important strategic port for the whole country and we need to make sure we do everything we can to support, encourage and develop it.”

He also wants new runways at both Gatwick and Heathrow, despite the Davies Commission review into airport capacity only recommending extension of Heathrow.

He said: “I spent the day with the chief executive of Gatwick Airport looking at them having another runway there as well.

“All the focus seems to be on Heathrow but we need to make sure we don’t put all our eggs into one basket and focus on one airport.

“We call for more runways around the country. We support both. The danger is if you go for one and it doesn’t happen then you have wasted a lot of time and a lot of money and not achieved anything.”