Business leaders call for calm in wake of Brexit vote

Rob Johnston, chief executive of Cumbria Chamber of Commerce, was disappointed that Prime Minister David Cameron chose to step down almost immediately.

He said: “What we were asking for was some stability.

“We really don't want a Conservative Party leadership battle right in the middle of all this – we need space to put a plan together.

“The decision to leave the EU has been made.

“Now we need the machinery of government to get a plan in place ahead of the critical negotiations [on leaving] with the EU.”

He said the challenge for Cumbria was to ensure that, when the UK does leave, the Government provides the funding the EU has supplied in the past.

He added: “Cumbria has been a net beneficiary of European funds. It has done very well out of Europe.

“We have to make sure that we get access to some of that funding through other routes.

"If can do that, and we can remove some of the European bureaucracy around that funding, we can deliver better value for money.”

Brian Richardson, chief executive of H&H, the Carlisle-based auctioneering to printing and insurance group, said it would be “business as usual” following the referendum vote.

He said: “There is going to be a period of uncertainty. A key part of our business is agriculture, and agriculture has received considerable sums from the EU. Although politicians say those payments will continue, nobody really knows.

“There are a lot of politicians who believe we can be independent outside the EU.

"They need to show how that can work and how we can have a robust economy."

Adrian Rawlinson, managing director of Marl in Ulverston, backed the Leave campaign and was delighted with the result.

He said:"The EU is fundamentally flawed. They have had 40 years to create a vibrant Europe and have failed many of the communities, especially in rural areas, and especially for the young people of many different nationalities.

"But what the result demonstrates is a fundamental message that the people are not happy and the people have for once had the chance to speak.

"Out of our Cumbrian population of 500,000, 285,000 voted, 125,000 to remain and 160,000 to leave.

"But all six Cumbrian MPs and at least one MEP were all bleating at us to stay in the EU. Their duty is to listen and represent their constituents and they have failed to do that, remembering that the vast majority of wealth creation, job creation and innovation happens at the SME and micro-business level.

"It is a sad day for Europe, but to me inevitable, but despite the short term turmoil, it now gives us the chance to create an imaginative political, social and economic structure which can adjust to the threats and opportunities of the 21st Century."

But while business representatives are appealing for calm, pro-Remain politicians are warning of dire consequences.

Cumbria County Council's Labour leader, Stewart Young, said: "They will have to have an emergency Budget and Brexit people have said they will not support it. It will involve tax increases and further cuts.

"We've seen the pound drop through the night and we're likely to lose our AAA rating which will make it more expensive for the government to borrow money.

"There'll be a hole in the finances they have to fill.

"I think there will be a General Election, when it will be know knows, but I don't know now they can hold on.

"Scotland, they'll have another referendum and Sinn Fein is also calling for one.

"The London effect made the total look close but in areas away from London it was a different story."

Mr Young warned that Britain will now have to renegotiate trade deals with around 150 different countries.

"We'll now find we're charged tariffs because we don't have deals.

"For businesses like Pirelli in Carlisle it's worrying. These international businesses, they want to sell in Europe, they don't want to make them in a country that does not have access to European markets.

"The Sunderland result was startling. Nissan had sent a letter to its workforce [to stay] and they overwhelmingly voted against."

Meanwhile, Professor Frank Peck, the research director for Centre for Regional Economic Development at the University of Cumbria, admitted he was surprised at the referendum result.

He said: “There is a lot of uncertainty because of the impact conditions of membership and what comes out of the negotiations between the UK and Europe.”

He added: “The Scottish border issue comes back into the frame – just look at a map and you can see the arguments for another Scottish referendum so we need to look at that and there is also the Northern Ireland border issue. The UK's borders are going to be up for debate.”

He also pointed out agricultural and regional development funding from the EU would need to be replaced with something similar from the British Government.

But he thinks international firms will “wait and see” what the situation is between the UK and EU before deciding if they will quit the country.