One in four business leaders plan jobs freeze, with 5% eyeing redundancies - IoD
- Credit: PA
One in four business leaders plan to freeze recruitment in the wake of the referendum result and some are considering moving work abroad, a new study has revealed.
A poll of more than 1,000 members of the Institute of Directors found two out of three believe Brexit will be negative for their business.
A third said hiring will continue at the same pace, but a quarter will put a freeze on recruitment, and 5% will make redundancies.
One in five said they are considering moving some of their operations outside of the UK, and only 1% said they will bring operations back.
Simon Walker, director general of the Institute of Directors, said: 'Businesses will be busy working out how they are going to adapt and succeed after the referendum result. But we can't sugar-coat this, many of our members are feeling anxious.
You may also want to watch:
'A majority of business leaders think the vote for Brexit is bad for them, and as a result plans for investment and hiring are being put on hold or scaled back.'
Over a third of IoD members said the outcome of last Thursday's vote will cause them to cut investment in their business, against one in 10 who said they will increase investment.
- 1 Two Norfolk villages named among most beautiful to visit in England
- 2 Cat food brands recalled over link to fatal disease
- 3 Man put hidden camera in bedroom to spy on wife
- 4 Roads flooded on east coast after heavy rain
- 5 Driver taken to hospital after four-car crash on key road into Norwich
- 6 Man in critical condition after being stabbed in Thetford
- 7 Elderly man took his clothes off at Norwich park
- 8 Amazing photos show storms over Norfolk – and there are more to come
- 9 Linnets turn down £100,000 bid for midfielder
- 10 Norfolk social worker loses race discrimination case
Just under half said it will not change their investment plans.
The IoD said the overwhelming priority for business leaders is that steps are taken to protect the economy from the negative reaction in financial markets, followed by securing a new trade arrangement with the EU.