In the wake of the UK’s shock Brexit decision, a leading Sudbury business representative has spoken of the affect it could have on local firms.
Chris Storey, chairman of Sudbury Chamber of Commerce, told the Suffolk Free Press businesses are used to rising to shocks and challenges and will need to consider how to take advantage of Brexit.
Mr Storey said: “To many the vote on Europe will come as a shock as many, including large numbers who voted to leave, expected a remain vote to win. Business is used to rising to shocks and challenges. It goes with the territory. Some decisions will have to be put on hold but the economy will continue to function.
“Change will take time to be implemented and even without Brexit change would have occurred. Most businesses will evaluate how this might work to advantage and how they can make the most of the opportunities that this presents. There will no doubt be a cautious approach to some issues but standing still is rarely an option for business.”
He added: “Products imported may well increase in cost if the pound falls and this presents a challenge to businesses selling on with increased costs. How to make the business profitable and competitive whilst still preparing for more uncertain times ahead may require greater reserves but lower profitability to generate these.
“Good businesses will survive and some will fail to call it right. That is the normal pattern of business. However, the Bank of England have confirmed that the money is there to back up the economy and ensure that banks survive the market.
“It is a relief to see that amongst the political posturing there is a calm and rational and business like approach to the economy from an unelected and most professional organisation. They may not be right all the time but they have been preparing for this eventuality and we can be thankful that they retain their independence to act in this situation.
“Let us hope that this action is not squandered by the politicians that come through to lead the country and that Great Business continues in Great Britain.
“Sudbury has its role to play in this and in the support that the whole of East Anglia provides to the country as a whole – we can be proud of this position and our local businesses and can be assured that they will be playing their part in the success of the future of our country.”