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1 in 4 UK businesses 'putting hiring plans on hold' as market fears more post-Brexit financial losses

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By Rebecca Stewart | Trends Editor

June 27, 2016 | 3 min read

A majority of British businesses believe a Brexit is ‘bad’ for them, with a quarter of firms putting hiring plans on hold in light of the UK’s decision to leave the EU.

According to a survey by the Institute of Directors (IoD), almost two thirds of those asked said the outcome of the referendum was ‘negative’ for their businesses. The study polled more than 1000 businesses, and found that one in five respondents were considering moving some of their operations out of the UK.

The figures come amid trader concerns that investors will wipe billions more pounds off share values this morning. Market uncertainty was triggered on Friday when the pound hit a 30-year low. It was coming under further pressure from trading in Asia on Sunday (26 June) with Sterling down more than two per cent when the Asian markets opened for business yesterday.

Brexit financial fears

The IoD's survey indicates that a 'majority' of business leaders believe Brexit is 'bad' for them

Chancellor George Osborne made a speech this morning in a bid to calm the financial market, he said that the UK is ready to face the future “from a position of strength” and that there would need to be an “adjustment” to the UK economy.

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The UK government is poised to hold a meeting with business leaders this week to discuss the implications of Britain's exit from the EU, with Business Secretary Sajid Javid telling the BBC that he wants to let businesses know "there's no need to panic," in the aftermath of the vote.

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