Businesses plea for delay in beginning renegotiation talks

Leeds West Labour MP Rachel Reeves
Leeds West Labour MP Rachel Reeves
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How did you vote? Will the result have a negative impact upon business?

Bosses want breathing room before the Government invokes Article 50 of the Lisbon Treaty, which sets out the terms for any member state exiting the EU.

The clause, which has never been used before in the EU’s history, begins a two year countdown to the UK’s exit and business leaders want to have a great deal of time before this clock is set ticking to begin to plan for life outside of the world’s biggest trading block.

James Andrews, the Leeds-based head of investment management with stockbrokers Redmayne Bentley, said: “The more time we can buy in terms of making the right decision, as opposed a decision, has got to be the way forward.

“My only hesitation would be that it causes more uncertainty but the priority has to be getting the best outcome for the UK.”

Speaking at the Barclays Yorkshire Women in Business Awards yesterday Rachel Reeves, Labour MP for Leeds West, said: “In the weeks and months and years ahead, as we discuss and debate our future in the European Union... you need to lead and show some leadership. Both in your businesses and in public discourse and debate as well.”

Mrs Reeves said there had been a ‘huge absence of women’ in the lead up to the referendum.

Stephen Wright, Chairman of the West and North Yorkshire Chamber responded to the result by saying: “Some businesspeople will be pleased with the result, and others resigned to it. 
“Yet all companies will expect swift, decisive, and coordinated action from the government and the Bank of England to stabilise markets if trading conditions or the availability of capital change dramatically.

“Business will also want to see a detailed plan to support the economy during the coming transition period - as confidence, investment, hiring and growth would all be deeply affected by a prolonged period of uncertainty.

“If ever there were a time to ditch the straight-jacket of fiscal rules for investment in a better business infrastructure, this is it.”