‘Rapid response’ needed after leave vote

Northern Ireland’s Chamber of Commerce has said a “rapid response” from government is needed to manage the repercussions of the UK’s decision to leave the EU.

Thursday’s referendum delivered a shock result, with 51.9 per cent of the population voting to leave, triggering Prime Minister David Cameron on Friday to announce his intention to resign.

The financial reaction, too, was unprecedented, with the London stock market dropping 8 per cent, and the FTSE 100 index falling 500 points before regaining some ground.

The pound also fell dramatically as the referendum outcome emerged, hitting a low not seen in 30 years.

Reacting to the fallout, NI Chamber chief executive Ann McGregor said the vote “will undoubtedly [have] an impact on business”.

“There may well be a degree of uncertainty and disruption in the months ahead, especially around certain trade issues,” she said. “Government must therefore respond rapidly to avoid any uncertainty for business and potential damage to trade and inward investment.”

Ms McGregor called on Northern Ireland businesses to continue its trading relationships with European neighbours.

“We are now in a unique position as the only part of the UK with a land border with the EU and that will throw up challenges in terms of new trading arrangements,” she added.

Northern Ireland voted to remain in the EU by a majority of 56 per cent to 44 per cent.

First Minister Arlene Foster, who campaigned for the leave side, said: “I think this a good result for the United Kingdom. Our nation state has made a clear definition as to where they want to go forward.”

“They backed hope, they backed aspiration, they backed the future potential of the United Kingdom and I’m very pleased with the result.”

However, deputy first minister Martin McGuinness, said the entire island of Ireland should now be able to vote on reunification.