Small Businesses Put Hiring On Hold Following Brexit Result
Majority of UK business leaders want government to negotiate a better deal rather than break connections from the EU
25% of UK businesses intend to put a freeze on their recruitment processes following Friday’s EU referendum result in which Britain voted to leave the EU, according to a report from the Institute of Directors.
Surveying 1,092 business leaders, over 60% of those surveyed said they believe that Brexit will be bad for their business while 20% said they are now considering moving their operations abroad.
Approximately 33% of business owners said their hiring activity would continue at the same pace but 5% conceded that they will have to make some staff redundant.
With small businesses now preparing for life outside the EU, more than half of business owners want the government to prolong negotiations with the EU, rather than a quick break, in the hope of Britain getting a better deal.
Simon Walker, director general of the Institute of Directors, said:
“Businesses will be 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.”
How will small businesses cope with Britain’s exit from the European Union? Here’s what some small business owners have had to say.