Business groups join forces to call for 'clear leadership and action' after referendum

Five of the UK’s largest business groups have joined forces to write an open letter to the Government calling for ‘clear leadership and immediate action’ following the European Union referendum vote.

The letter is signed by the Confederation of British Industry (CBI), the British Chambers of Commerce (BCC), the Federation of Small Businesses (FSB), the Institute of Directors (IoD) and manufacturers’ organisation the EEF.

It asks the Government to ‘end the uncertainty’ facing EU nationals living and working in the UK, and also demands action to progress long-planned infrastructure projects.

Within the letter, the business groups state that addressing these issues would be a ‘shot in the arm for business confidence’.

This declaration comes as a recent survey by the FSB suggested that small business confidence has fallen to its lowest level in four years.

Meanwhile, a separate survey indicated that business pessimism nearly doubled in the week following the vote to leave the EU. The figure increased from 25% during the week before the referendum to 49% following the vote.