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IoD responds to statements from PM and Bank of England Governor

24 Jun 2016

Television camera in a television studioResponding to the statements by the Prime Minister and the Governor of the Bank of England this morning, Simon Walker, Director General of the Institute of Directors, said:

“It was important that the Prime Minister outlined his plans quickly.  Now that we know that he will be leaving before the Conservative party conference, we look forward to him keeping the ship of government steady while a new leader is found. Business will welcome a pause so that the heat can be taken out of the situation before Article 50 is triggered and the formal process for leaving the EU begins.

“In the short-term, David Cameron has reassured the country that nothing will change for firms employing EU citizens, or for businesses’ trading relationships. For those wishing to replace him, we urge top priority is placed on negotiating a new arrangement that gives UK companies access to the single market, and the much-needed skills of EU workers.

“Governor Carney has done what he can to reassure businesses that the Bank of England will take the measures it thinks necessary to ensure financial stability. Companies will adjust to whatever trading relationship eventually emerges, and will be putting their faith in the Bank and the Treasury to help them ride out the inevitable uncertainty that faces them now.”

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Euan Holmes, Press Officer

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