With decisive leadership needed in order to tackle the largest peacetime deficit in UK history, a stalemate at the polls looks to have been the worst possible result.

Nicholas Mockett, of Moorgate Capital, said: "The economy is still in a mess with very low growth from a much-reduced base. There have to be reductions in the deficit and government spending and the Conservatives have been most upfront about this."

Predictions that the pound would take a battering in the event of a hung parliament looked to be well founded as early trading saw it drop more than 2% against the euro.

While good for the export market, the knock-on effect of a weak pound on the cost of imports, including paper, ink and printing equipment, is not good news for the print industry.

David Bunker, director at Close Asset Finance, said: "A minority government will make it very difficult to pass legislation and uncertainty over the UK economy will weaken the pound. For printers in the UK, this will mean a higher cost of investing in imported machinery and paper.

"Uncertainty will also bring with it two more problems: if UK PLC is concerned about growth then spending on print will be hit and this will, in turn, cause businesses to remain cautious about investment plans."

For businesses intent on pressing ahead with investment plans, the lack of a majority government will not make the availability of credit any easier.

Deal Bureau's Gerry Hoare said: "A hung parliament will make the banks very nervous and restrict credit. In a similar vein, I think businesses might cut back spending because of the uncertainty, thus impacting the overall economy."

"We really need a government with a clear mandate to fix the economy," added Mockett. "The debt market is still subdued and the financial markets could remain nervous as delivering a budget and taking the action required is not a job for a committee."

Jamie Nelson, of Compass Business Finance, added: "In the longer term, [a minority government] could have an effect on new legislation being slower, especially where bold decisions are needed to incentivise industry, the economy, and reduce the deficit."

With no party able to claim a majority, both Labour and the Conservatives will likely end up courting the Liberal Democrats in a bid to form a minority government, however, there is no guarantee that such a coalition would work to the benefit of the print industry or the wider economy.

"If we end up with the Lib Dems in a coalition then you have to hope that they will put the politics to one side and support the reforms that are overdue," said Mockett. "There will be pain and this may well affect the print industry, which needs a bounce in marketing spend."

"I'm pretty certain that all the parties have underplayed the true extent of the tax measures needed to bring the deficit down while maintaining the public spending requirements," added Bunker. "Problems in the euro zone may counter the effect on the pound position but the medium-term outlook is very concerning."

However, if there is one silver lining for the print industry, it is that a hung parliament increases the likelihood of a second election in the coming months.

"A return to the polls is certainly not off the cards," said Bunker.

"On the brighter side, another election in a few months is bound to generate more direct mail and outdoor advertising," added Mockett.