South East: EY comments on EU Referendum result

South East businesses must use the coming months to assess the impact on trade, people and regulation, says EY.

Richard Baker, managing partner across the Thames Valley & South Coast, discusses the implications of the EU Referendum vote:

“We are now entering unchartered territory after the majority of UK voters chose to leave the European Union (EU) yesterday. It’s the first time a member state has left the union, and this means that the consequences are almost impossible to predict. 

“Above all else, it is vital that the message that the UK is open for business should not change. EY’s latest research on foreign direct investment (FDI) reveals that the UK continued to be the most attractive location for FDI in Europe last year. Businesses will need to work alongside the Government to ensure that this remains the case and to give the UK every opportunity to prosper in the future. 

“The UK will also have the opportunity to make new trade deals so it is important that key trading partners are quickly identified and negotiations accelerated. Businesses across the South East must use the next few months to assess their position in terms of trade, their people and regulation.

“One thing is certain: Brexit will result in a number of large-scale changes for UK plc – in areas such as trade, employment, regulation and government policy. Few changes are likely to happen overnight. As a result, businesses now have a prime opportunity to take proactive steps to prepare for the challenges and opportunities that lie ahead.”