UK firms balk at thought of Brexit

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The City of London is proving itself not too keen on the premise of Brexit
The City of London is proving itself not too keen on the premise of Brexit

After yesterday’s stock market wobble and the theatrical tete-a-tete in the Commons between David Cameron and Boris Johnson, UK business leaders are now taking aim at Britain’s potential exit from the European Union, claiming that Brexit would put the nation’s economy at risk.

The heads of major British firms such as BT, Marks & Spencer and Vodafone have all signed a letter published in the Times claiming EU exit would act to prevent British investment in the United Kingdom. A total of 36 FTSE 100 companies signed the letter backing the campaign to stay in the EU, including Burberry, BAE Systems and EasyJet. The heads of Heathrow Airport and Gatwick have also signed the letter.

Choosing not to 

However two-thirds of the FTSE 100, including Tesco and Sainsburys, opted not to sign the note. Nevertheless Downing Street labeled the number of signatories as ‘unprecedented’.

A referendum on whether the UK should stay in the EU will be held on 23 June. If Britain does opt to leave the European Union it will cause a major headache for HR departments as great swathes of the UK’s current employment law is enshrined in European legislation.

 

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