Views on Brexit impact sought from Swindon firms as Government moves to steady businesses’ nerves

June 28, 2016
By

Firms from Bristol and across the West of England are being asked for their views on the likely impact of Brexit ahead of a series of crunch meetings between business leaders and senior government figures.

The first takes place today when Business Secretary Sajid Javid, pictured, hosts a round table with more than 20 representatives of major firms from some of the UK’s key sectors including automotive and rail – both vital to Swindon’s economy – along with business organisations such as the CBI and British Chambers of Commerce.

Prime Minister David Cameron has also pledged to meet business leaders later this week as the fall-out from last Thursday’s EU referendum continues to cause market turmoil.

Business West – the region’s largest business organisation – has set up a snap survey to take the pulse of firms in Bristol and across the West.

It asks four questions:

* What help do you need following the Brexit vote?

* Are you considering making any significant decisions on staff, prices or investment?

* If you export to the EU, have you had talks with your customers about your continuing business relationship?

* What should be the government’s key priority for business?

There is also an opportunity for bosses to add their comments, queries or concerns regarding the referendum outcome.

Click here to take part in the survey

Business West, which runs the Swindon & Wiltshire Initiative, is calling for stability in markets, clarity on the next steps for EU negotiations and action to keep the economy going.

It is also reiterating the importance of carrying on with the major infrastructure projects in the region.

Its views – along with those of its members received via the survey – will be shared with the British Chambers of Commerce ahead of the meeting with Mr Javid .

Business West managing director Phil Smith, pictured, said: “Businesses across the South West want a steady stream of communication from the government and the Bank of England.

“So far, the priority for the Chancellor and the Governor has rightly been the question of stability, as markets and firms digest the electorate’s decision. However, attention swiftly needs to turn to delivering clarity.

“Whilst it is prudent for the UK government to delay firing the starting gun on negotiations with the EU, firms want a clear timetable, and simultaneous action to support the wider economy.

“Big decisions such as Hinkley Point C and devolution need to be followed through. The decision to delay a post-referendum Budget must not be a convenient excuse for ministers to duck these important choices.

“Before the referendum, approximately two thirds of businesses in the region told us that they are confident for the year ahead. Now that we know the result, we must see action and momentum in the coming months to ensure that firms can get back to business.

“Clearly this is a very sensitive time for all businesses. With the government appearing to be in turmoil, Business West through its chambers of commerce is well positioned to help business to get on with their business. We are keen to hear from anyone who has particular concerns surrounding the EU referendum result.”

Ahead of today’s meeting  Mr Javid, who had campaigned for Britain to remain in the EU, said the UK was still open for business.

“My objective now is to ensure that the negotiation of our future relationship with the EU is carried out in the interest of UK companies, investors, potential investors and workers,” he said in a statement.

“There are significant challenges ahead, but the economic success of the past few years means we’re better able to withstand the current market turbulence and work towards a better future. The UK remains open for business.”

Also expected to attend today’s meeting are the EEF, which represents UK manufacturers, the British Bankers’ Association and the British Retail Consortium (BRC).

The BRC called on the government to ensure that the trade benefits of the single market, such as the absence of customs duties, were replicated in the new relationship with the EU.

The EEF also said it would seek assurances on securing access to the single market and protecting the UK’s trade relationships.

Its chief executive Terry Scuoler urged the government to formulate a “clear and defined” negotiating position before triggering Article 50 of the Lisbon Treaty to begin the formal withdrawal process from the EU.

He said: “It is vital that government takes immediate steps to keep manufacturing growth on track.”

A snap poll of its members by the IoD found that almost two-thirds thought the vote was negative for their firms.

Director-general Simon Walker, told the BBC : “Business leaders are very, very concerned. Nearly half of them expect the other member states to punish Britain.”

Firms with views on the impact of Brexit can also contact Business West’s policy director Matt Griffith on matt.griffith@businesswest.co.uk or via Twitter on @bw_businesswest

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