UK government to hold talks with business leaders over Brexit fears this week
The UK government is poised to hold a meeting with business leaders this week to discuss the implications of Britain's exit from the European Union.
Business Secretary Sajid Javid says businesses shouldn't "panic" over the Brexit
Business Secretary Sajid Javid has told the BBC that he wants to let businesses know "there's no need to panic," in the aftermath of the vote, adding that the UK's economy is strong enough to handle any "short-term market volatility".
The roundtable meeting with UK firms will be chaired by the business secretary on Tuesday (28 June), with representatives from the British Chambers of Commerce, CBI and the Federation of Small Businesses set to attend.
"Now it's a time for reassurance for business, and my message to them ever since Friday morning is there's no need to be panicking at all," Javid said on the Andrew Marr show this morning (26 June)
"We have to have a calm approach, which is what we've seen since then," he continued.
Britain's vote to leave the EU has provoked mixed reaction from the business community – head of advertising giant WPP Sir Martin Sorrell branded the decision as "disappointing," while Tim Martin, founder and chairman of Wetherspoon's, said: "The referendum result will enhance freedom and security."
Yesterday, the BBC reported that banking behemoth HSBC said it will move 1000 staff from London to Paris if the UK negotiates to leave the single market because of the Brexit, HSBC has so far declined to comment.
The UK's landmark decision to exit the EU has also pushed the advertising industry into unchartered territory with both brands and agencies trying to determine how best to move their business forward.