EU referendum: Business calls for stability after Kent and UK votes for Brexit

Business has called for “market stability and political clarity” after the UK’s historic vote to leave the European Union.

The nation voted for Brexit by a margin of 51.9% to 48.1%, prompting the resignation of Prime Minister David Cameron.

The message was clearer in Kent, with 59% of voters opting to leave the single market.

Prime Minster David Cameron has announced his resignation. Picture: The Sun/Ian Whittaker
Prime Minster David Cameron has announced his resignation. Picture: The Sun/Ian Whittaker

Turnout was high across the county at an average of 76%, compared to a national average of 67%.

Shares in New Ash Green-based house builder Bovis Homes were down 50% at one point this morning following the result.

Mark Carney, the Governor of the Bank of England, said there would inevitably be a period of uncertainty.

"The sun still rises tomorrow and we will all go to work. The impact is in the longer term..." - Clive Stevens, Kreston Reeves

He said: "Some market and economic volatility can be expected as this process unfolds.

"But we are well prepared for this. The Treasury and the Bank of England have engaged in extensive contingency planning and the Chancellor and I have been in close contact, including through the night and this morning."

Clive Stevens, executive chairman of accountancy Kreston Reeves, which has offices in Canterbury, Chatham and Sandwich, said there would be no immediate "material impact".

He said: "The sun still rises tomorrow and we will all go to work. The impact is in the longer term."

Kent Invicta Chamber of Commerce chief executive Jo James said some business people would be pleased while others would be “resigned to it”.

“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,” it said.

“Businesses need 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.”

Kent voted to leave the EU by 59% to 41% in the Brexit referendum
Kent voted to leave the EU by 59% to 41% in the Brexit referendum

Eurotunnel said the vote will not affect activity at the Channel Tunnel, with the UK never having been part of the Schengen area, and could actually boost its business.

“People and goods travelling through the Channel Tunnel will remain subject to current border control procedures,” it said.

“A reduction in the value of sterling would reduce the amount of the group’s debt in that currency, would increase costs for maritime competitors and would support British exports, which would compensate for any potential negative effects.”

John Elliott, managing director of Tonbridge-based property developer Millwood Designer Homes, said the move would be good for the future of British house building.

He said: “Our exit from the EU will stop the continual flow of red tape and see our housing market grow and flourish without unnecessary constraints placed on building much needed new homes; working towards creating a better future for Britain.

“I am delighted that today is Independence Day for Britain, as the majority of the country has decided that a departure from the EU is best for our future.

“I am excited to get on with the new world and see the back of EU laws which have been detrimental to us for over 40 years.

“One of the UK’s biggest assets is our home grown housing market and this will now be much better off out of EU regulation.”

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