Britain is open for business after Brexit vote, Business Minister says

Britain's Business Secretary, Sajid Javid, leaves after a cabinet meeting in Downing Street in central London.
Britain's Business Secretary, Sajid Javid, leaves after a cabinet meeting in Downing Street in central London.PHOTO: REUTERS

LONDON (Reuters) - The economic risks of Britain's vote to leave the European Union cannot be ignored but the country is still open for business, senior British minister Sajid Javid will say on Tuesday (June 28) when he meets with trade associations and company bosses.

Business Secretary Javid will hold a roundtable with business groups, representatives from Britain's largest trade sectors and chief executives to discuss the challenges facing business following last week's referendum.

"My objective now is to ensure that the negotiation of our future relationship with the EU is carried out in the interest of UK companies, investors, potential investors and workers,"Javid, who had campaigned for Britain to remain in the bloc, said in a statement ahead of the meeting.

"There are significant challenges ahead, but the economic success of the past few years means we're better able to withstand the current market turbulence and work towards a better future. The UK remains open for business."

 

More than 20 representatives from some of Britain's largest sectors, including aerospace, defence, automotive, oil and gas, steel, rail, tourism and food and drink are due to attend, along with trade organisations including the Confederation of British Industry and British Chambers of Commerce.

Javid's department, which declined to name which company chief executives were due to be there, said the meeting would be the first in a series and the minister would urge business leaders to feed back concerns from investors, exporters and employers.

Britain's top share index, the FTSE 100, has lost 5.6 percent so far in the two sessions following the referendum result early on Friday, wiping nearly 100 billion pounds (S$180 billion) off its value.

Prime Minister David Cameron told parliament on Monday that he would also be holding a meeting with business leaders later in the week to discuss the impact of the referendum result.