Yorkshire business leaders plead for stability following Leave vote

Business leaders in the region appealed for stability and political clarity this morning as one law firm predicted a surge in applications from EU residents applying for permanant residency.
EU Referendum.  Otley.  23 June 2016.  Picture Bruce RollinsonEU Referendum.  Otley.  23 June 2016.  Picture Bruce Rollinson
EU Referendum. Otley. 23 June 2016. Picture Bruce Rollinson

John Cotton, boss at bedding manufacturers John Cotton, said: “I’m feeling a total lack of confidence right now.

“The problem is that we don’t know what we are letting ourselves in for. There’s massive insecurity around all the things that we have taken for granted for so long. Our jobs, the exchange rates, our financial security, our safety, all these things are completely up in the air.”

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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.

“Firms across the UK want an immediate and unambiguous statement from the Prime Minister on next steps, along with a clear timeline for the UK’s exit from the European Union.

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.

“Our members will want to see action to maintain economic stability, a timeline for exit, and answers to their many practical, real-world questions about doing business during and after this historic transition.”

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John Cotton is Europe’s largest manufacturer of bedding and has a factory based in Poland.

Padma Tadi, immigration law specialist at Irwin Mitchell in Leeds, said: “We may now see a surge in the numbers of EU workers already working in the UK applying for permanent residency so that they can avoid any immigration restrictions that are imposed by the UK Government. Currently, they will need to demonstrate that they have lived in the UK for at least five years continuously and that they were exercising their Treaty rights throughout the entire five-year period, although it is possible that the UK Government will increase these requirements.

“Individuals who wish to work in the UK may have to satisfy immigration controls imposed by the UK Government and UK citizens who wish to work in the EU may have to satisfy the immigration policies adopted by the country in which they wish to work.”

More to follow...