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IoD responds to vote for Brexit

24 Jun 2016

IoD flag outside 116 Pall MallCommenting on the outcome of the EU referendum, Simon Walker, Director General of the Institute of Directors, said:

“While this may not have been the result that the majority of our members wanted, Britain has voted to leave the EU, and it is now imperative that our political leaders manage the transition as smoothly as possible. The weeks and months ahead are going to be a nervy time for business leaders, so they need to know that the Government is focussed 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. Even once we have left, the EU will continue to be our biggest trading partner, and the first destination for many companies when they start to export. 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.”  

Before the referendum, a survey of IoD members revealed that, despite concerns about the effect of Brexit on trade and access to skills, businesses leaders saw potential improvements to employment regulations. Half of directors thought that the UK could be an economic success outside of the EU.

The IoD will be running a snap poll of its members on what the referendum result means for business. The results will be released for publication on Monday morning.


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