With no political party securing a majority and the prospect of a hung parliament, the Forum of Private Business (FPB) has called on MPs to put aside their differences and create a functioning administration as soon as possible.

The FPB believes small to medium-sized enterprises are crucial to Britain's economic recovery, with the potential to create jobs and spearhead innovation. But the uncertainty and confusion caused by a hung Parliament will jeopardise this and hamper business owners' attempts to plan ahead.

"I expect many smaller businesses will be disappointed that the election has resulted in a hung Parliament," said FPB chief executive Phil Orford.

"However, the outcome can't be changed so it is vital that the newly-elected MPs put aside party politics and work together to come up with a credible system of governance."