LONDON: One fifth of British business leaders are considering moving operations abroad after the country’s shock decision to leave the EU, according to a survey from a leading business lobby group.

The Institute of Directors (IoD), which polled more than a thousand of its members between Friday and Sunday, added one in four planned to freeze recruitment following the surprise referendum result.

Almost two thirds or 64pc of IoD members think the result is negative for their business, while 23pc think it is positive. 9pc say it makes no difference.

“Businesses will be busy working out how they are going to adapt and succeed after the referendum result,” said Simon Walker, IoD director general. 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.” More than a third` of IoD members said the referendum vote will cause them to cut investment, against one in ten who said they will increase investment. Prime Minister David Cameron, business leaders, economists and politicians from US President Barack Obama to China’s President Xi Jinping had urged Britons to stay in the 28-member bloc to protect global markets, trade and political stability.

House­­builders were amongst the worst hit stocks, with the two biggest firms Barratt and Persimmon both losing 39pc of their market value over the two days.

Published in Dawn, June 28th, 2016