27 June 2016

The EU Referendum - a message to BPIF members

You will by now have heard and digested the news that the UK has voted to leave the EU. We thought it would be helpful to set out what happens in the immediate future, and what the BPIF will be seeking to achieve.

While the financial markets gyrate, our underlying relationship with the EU is unchanged over the short term. The procedures for leaving are covered by Article 50 of the Lisbon Treaty, allowing a minimum of 2 years for this process to be complete, and this can be extended by unanimous agreement of the 27 remaining Member States. It is extremely important that this process is carefully considered and negotiated, and that the solution that emerges takes into account the unique strengths and attributes of the UK economy.

The campaign, and subsequent outcome has highlighted considerable issues underlying the UK economy. Our industry is comprised of a uniquely wide range of organisations - in terms of the activities they perform, size, ownership and location. Our intent, in the forthcoming discussions, will be to ensure an outcome that recognises the importance of a diversified and more balanced economy. We need to see a business environment that is more favourable to commerce, entrepreneurialism, and manufacturing - an environment that is good for our sector. We will be engaging in that process with fellow trade associations, with the CBI, and with Government. As the saying goes, "change creates opportunity".

We have a Government and Industry Committee meeting on July 1, which is opportune timing. We will discuss our approach with member representatives at that meeting, and provide a further update afterwards.

While the decision to leave the EU is one of considerable magnitude, day to day business, its opportunities and its challenges, continue. A great strength of our sector is its scale and diversity, and we look forward to continuing to support our membership as usual. If you do have any concerns, challenges, or would like to provide us with feedback, please do not hesitate to get in touch, either with Charles or with your Regional Director.

Thank you and with our best regards,

Charles Jarrold
CEO, BPIF

Gerald White
President, BPIF