Business leaders urge West Midlands to pull together after Brexit vote

BUSINESS leaders in Birmingham and the wider West Midlands today called for clarity and strong leadership following the vote for Brexit.

Greater Birmingham Chambers of Commerce chief executive Paul Faulkner said many businesses would be in a state of confusion; uncertain about what the future held.

“Those who campaigned for a leave vote will no doubt be celebrating their success and anticipating a newly defined, confident UK outside of the EU,” he said.

“But there will be many in the business community feeling uncertain and unsettled today.

“There will in the short- to mid-term at least be consequences for our economy as investors look to our political leadership for clarity on their vision for a post-Brexit UK and how it will relate to the EU, single market and trading partners across the world.”

His comments came as billions were wiped off the value of shares in early rading on the stock market.

Anticipating such a response, Mr Faulkner said businesses should be careful to avoid “knee-jerk reactions”.

“We have several years of negotiations ahead before this vote becomes a reality and there is still plenty of business to be done. Across the country we need to put division aside and come together to heal and grow a new future,” he said.

“To my mind, there has never been a vote so close and so divisive. In Birmingham there were just 3,800 votes between the two camps. Now we urgently need clarity and leadership from Government to bring the nation back together.

“We urge the Government to step up, put political and personal differences aside and act in the best interests of our nation. We need our leaders to quickly, effectively and with one voice deliver a credible plan for a United Kingdom in a new, mid- and post-Brexit world.”

On the economic fall-out of Brexit, Chris Rawstron, Birmingham partner and National Head of Corporate at Irwin Mitchell, said: “The uncertainty in the run up to the EU referendum vote has dragged levels of M&A activity down compared to last year and although the outcome of the vote is now known, I think it is fair to say the market will remain jittery in the short to medium term.
 
“It will however be interesting to see what happens as the year progresses. There is currently uncertainty about future trading opportunities for UK companies, but ambitious businesses will need to review their strategic options and this could drive a wave of transactions as businesses look to bolster their domestic and international sales channels.”  

Pauline Biddle, practice senior partner for Deloitte in the Midlands, said: “While the UK has opted for a future outside the EU, Britain remains a competitive, innovative and highly-skilled economy and an attractive place for business.  However, as indicated by today’s market volatility we are likely to see a period of uncertainty.  Businesses need to ensure they are set up to navigate the immediate risks and impacts of an exit, and have the processes and people in place to manage a period of upheaval.”