Terry Scuoler, CEO of EEF, the manufacturers’ organisation, said: “Government must now move very quickly to stabilise the economy, reassure the markets and shore-up business confidence. The process of leaving the Union will take some time, and the Government should not rush to initiate Article 50 and the formal exit process, while there is so much uncertainty…
“We need a clear vision for a new relationship between the UK and the EU, but we must also avoid throwing the baby out with the bath water. In the complex task of unpicking the UK from EU regulation and legislation, the Government must tread carefully, maintaining a trading relationship with the single market, and not becoming bogged down to the detriment of making long-awaited and much-needed decisions on projects vital to our future economic prosperity. We must also ensure that the skilled workers we need are still encouraged and enabled to live and work in the UK.”
He added that manufacturers had several priorities for any forthcoming negotiation, including maintaining tariff free access to the EU market for goods and services; ensuring regulatory stability; continuing to address the UK skills gap, and a further focus on an integrated domestic policy to support investment, competitiveness and export performance.
Carolyn Fairbairn, CBI director-general, said: “The urgent priority now is to reassure the markets. We need strong and calm leadership from the Government, working with the Bank of England, to shore up confidence and stability in the economy.”
“This is not a time for rushed decisions. The CBI will be consulting its members and business is committed to working with Government to shape the best possible conditions for future prosperity.”
Tom Enders, the chief executive of Airbus, described the Leave outcome as “a lose-lose result for both, Britain and Europe.”
He added: “I hope the divorce will proceed with a view on minimising economic damage to all impacted by the Brexit… Britain will suffer… Of course we will review our UK investment strategy, like everybody else will.”
Dr Adam Marshall, acting director general of the British Chambers of Commerce, said: “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…
“Businesses need 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. Firms want help to get Britain back to business at a time of great uncertainty. The health of the economy must be the number one priority – not the Westminster political post-mortem.”
Simon Walker, director general of the Institute of Directors, said: “The weeks and months ahead are going to be a nervy time for business leaders, so they need to know that the government is focused on maintaining stability while a new relationship with the EU is established.
“British businesses are resilient and, with their characteristic ingenuity, they will weather this storm. It is now beholden on politicians to negotiate a deal with European leaders which preserves the ability of British firms to trade easily with the remaining member states… One thing the Government must do immediately is to guarantee the right to remain of EU citizens currently in the UK. Companies do not want to have to worry about losing valued staff.”
Mike Hawes, SMMT chief executive, said: “Government must now maintain economic stability and secure a deal with the EU which safeguards UK automotive interests. This includes securing tariff-free access to European and other global markets, ensuring we can recruit talent from the EU and the rest of the world and making the UK the most competitive place in Europe for automotive investment.”
Paul Everitt, CEO of ADS Group, said: “The aerospace, defence, security and space industries will work with government to minimise the negative impacts of the decision to leave the EU, creating an environment in which these strategically important sectors can continue to prosper.”
Manufacturing Technologies Association CEO James Selka said: “Now that the decision has been reached, we have to work hard to protect the future of the UK’s manufacturing technologies sector.
“Maintaining access to the single market is of paramount importance, something widely agreed on across the political spectrum. Great care must be taken during the negotiation process to protect manufacturing’s interests and we will be working hard in the UK and in Brussels for that outcome.
“We believe that we can leverage UK manufacturing’s reputation for innovation and flexibility to secure the best possible deal for our members outside the EU.”
