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Government Must Provide Withdrawal Roadmap Following Vote to Leave EU

Posted on 24 June 2016

Chamber Chief Executive Scott KnowlesProviding facts and clarity about the UK’s withdrawal from the EU should be the Government’s main focus after yesterday’s Referendum resulted in a vote to leave.

Scott Knowles, Chief Executive of East Midlands Chamber*, said: “The immediate priorities for UK business in the wake of this historic referendum result are market stability, economic security and political clarity. Business thrives on certainty, but the nation has been mired in uncertainty since the date of the ballot was announced.

“From a business perspective, the referendum debate was a shouting match, heavy on bombast and hyperbole but light on the sort of cool-headed information and mature argument that local business leaders required.

“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. They will also 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.

“Not having a clear direction stifles growth. Businesses struggle to invest or create jobs when they have no clear understanding of what lies ahead. Now that we have a decision, we can begin to plan for the future.

“One of the biggest fears expressed during the campaign was that we would have no international trade deals in place once we leave the EU. It is essential that Government begins negotiations immediately to establish trade deals which are in the best interests of UK plc.

“There will be many hurdles along the way and we need to know that the Government not only recognises what they are but also has policies in place to ensure they can be overcome.

“Whatever happens during the withdrawal process, it is vital that Government listens to business as the creators of jobs and wealth and takes steps to ensure that investment and growth can continue in the East Midlands and across the UK.

“Now is the time for clear heads, strong leadership and decisive action. 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.”

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