Brexit: There’s no need to panic, Javid will tell business leaders

Business secretary Sajid Javid will be meeting business leaders this week following the UK’s vote to leave the EU and will tell them: “There’s no need to panic.”

A spokesman for the Business Department said Mr Javid will hold roundtable meetings with businesses on Tuesday. Those attending will include the heads of the British Chambers of Commerce, the CBI and the Federation of Small Businesses.

“Now it’s a time for reassurance for business, and my message to them ever since Friday morning is there’s no need to be panicking at all,” he told the BBC’s Andrew Marr programme. “We have to have a calm approach, which is what we’ve seen since then.”

In a separate interview, foreign secretary Philip Hammond, said it would be “catastrophic” if the UK lost its access to Europe’s single market and said there would have to be a trade-off between migration and access to the single market.

Carolyn Fairbairn, director general of the CBI, described the referendum result as “explosive”. Writing in the Times she said: “The impact cannot be underestimated and will take time to understand. Many people, including the UK’s thousands of businesses, are asking what this means for them and the people who depend on them. What we need is a plan.

“The government must act with urgency to minimise the uncertainties that affect investment decisions and slow job creation. The first part of the plan must be to get strong, calm and decisive leadership in place as soon as possible. Never has there been a more important time to put the interests of the country ahead of party politics. Businesses welcome the prime minister’s announcement of a delay in triggering Article 50 to create breathing space, but need rapid clarity on who is making the decisions.”