Referendum Result: Chamber Reaction

Stephen Wright, Chairman of West & North Yorkshire Chamber of Commerce, said:

“The people have spoken and now the Government must navigate a path for Brexit to be realised.

In the wake of the electorate’s historic decision to leave the European Union, the immediate priorities for UK business are market stability and political clarity.

Some businesspeople will be pleased with the result, and others resigned to it. Yet all companies will expect swift, decisive, and coordinated action from the government and the Bank of England to stabilise markets if trading conditions or the availability of capital change dramatically. Firms across the UK want an immediate and unambiguous statement from the Prime Minister on next steps, along with a clear timeline for the UK’s exit from the European Union.

Business will also want to see a detailed plan to support the economy during the coming transition period – as confidence, investment, hiring and growth would all be deeply affected by a prolonged period of uncertainty. If ever there were a time to ditch the straight-jacket of fiscal rules for investment in a better business infrastructure, this is it.

Our members will want to see action to maintain economic stability, a timeline for exit, and answers to their many practical, real-world questions about doing business during and after this historic transition.

Businesses want certainty, clarity and the confidence to invest and we will be reminding Government of the need to focus on those issues which have been sidelined during the referendum. We need to move quickly back to business as usual and ensure a smooth transition. The health of the economy must be the number one priority – not the Westminster political post-mortem.”

NOTE: All the information made available by the Chamber leading up to the Referendum is still on this website here.