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FRONT COVER Chamber’s reaction to Brexit


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European Union. Clearly this is a sensitive time for all businesses with more questions than answers, and we are keen to hear from anyone who has particular concerns surrounding the EU referendum result. The immediate priorities we are calling for is market stability and political clarity. Some businesspeople will be pleased with the result, whilst it's fair to say that many others will be in shock. All companies will expect swift, decisive and robust action from the government and the Bank of England to stabilise markets. 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


W


e finally have an answer to the EU Referendum, with the electorate's historic decision to leave the


‘Although this result will have a significant impact on our future, businesses are used to challenges and change and should remain confident’


delay firing the starting gun on negotiations with the European Union, firms want a clear timetable, and simultaneous action to support the wider economy. Despite the alarming headlines about a Brexit and volatility in the markets, it's important to remind ourselves that our relationship with Europe hasn’t changed overnight. We are still legally in the EU and the relationship will remain the same for at least the next two years. Although this result will have a significant impact on our future, businesses are used to challenges and change and should remain confident that we can adapt. Business West, through our Chambers of Commerce, is well positioned to help


firms get back to business. Our policy team is working closely with both our members, as well as our national partners, to ensure that business priority issues form a key part of both government policy and EU exit negotiations. Just a few days after the referendum, we took part in a round table discussion with Business Minister Sajid Javid through the British Chambers of Commerce. During this meeting we called for stability in markets, action to keep the economy going, and reiterated the importance of carrying on with major infrastructure projects such as Hinkley Point C. Many of the key questions remain unanswered, but as more details emerge we will keep both our members and the wider business community posted at this critical time.


PHIL SMITH MANAGING DIRECTOR OF BUSINESS WEST


JULY/AUGUST 2016 insight 3


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