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| Business leaders react to EU vote | Business leaders react to EU vote |
| (35 minutes later) | |
| The bosses of the world’s leading companies have given their reaction to Britain’s vote to leave the European Union. | The bosses of the world’s leading companies have given their reaction to Britain’s vote to leave the European Union. |
| Their response includes warnings that companies could be forced to restructure their operations in the UK, but also pledges to press ahead with their existing strategies. | |
| Related: Bank of England and ECB promise to protect markets from Brexit panic - business live | |
| Here are a collection of the comments from the business world: | Here are a collection of the comments from the business world: |
| Sir Richard Branson, founder, Virgin | Sir Richard Branson, founder, Virgin |
| None of this [leaving the EU] will happen over night, and the UK will face a multitude of complex negotiations and difficult choices over the coming years. | None of this [leaving the EU] will happen over night, and the UK will face a multitude of complex negotiations and difficult choices over the coming years. |
| I have been clear I wanted the UK to remain in the EU. The last few weeks I have been more outspoken as I think leaving the European Union is a very sad decision that will do enormous damage to both Britain’s economy and Europe’s stability. This decision will create volatility and will threaten much of the good work delivered by the EU over the last 40 years. Nevertheless we must all accept and respect the majority vote. | I have been clear I wanted the UK to remain in the EU. The last few weeks I have been more outspoken as I think leaving the European Union is a very sad decision that will do enormous damage to both Britain’s economy and Europe’s stability. This decision will create volatility and will threaten much of the good work delivered by the EU over the last 40 years. Nevertheless we must all accept and respect the majority vote. |
| Paul Polman, chief executive, Unilever | Paul Polman, chief executive, Unilever |
| The most important thing to have long term prosperity is to accept the will of the people and respect democracy. Now we all need to unite. | The most important thing to have long term prosperity is to accept the will of the people and respect democracy. Now we all need to unite. |
| Ian Shepherd, chief commercial officer, Odeon & UCI Cinemas | Ian Shepherd, chief commercial officer, Odeon & UCI Cinemas |
| Genuinely can’t believe it. Have spent the week with colleagues from around the world who were rooting for the UK to come to its senses. | Genuinely can’t believe it. Have spent the week with colleagues from around the world who were rooting for the UK to come to its senses. |
| International Airlines Group, owner of British Airways | International Airlines Group, owner of British Airways |
| International Airlines Group believes that the vote to leave the European Union will not have a long term material impact on its business. In the short term, however, in the run up to the UK referendum during June, IAG experienced a weaker than expected trading environment. | |
| Lloyd Blankfein, chairman and chief executive, Goldman Sachs | Lloyd Blankfein, chairman and chief executive, Goldman Sachs |
| We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients’ needs. | We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients’ needs. |
| Jes Staley, chief executive, Barclays | Jes Staley, chief executive, Barclays |
| This is a significant decision and there will be many questions asked in the coming days and weeks about what happens next. The answers are complex but our position is not - we will not break our stride in delivering the Barclays of the future. | This is a significant decision and there will be many questions asked in the coming days and weeks about what happens next. The answers are complex but our position is not - we will not break our stride in delivering the Barclays of the future. |
| We have stood in service of our customers and clients for over 325 years. We have been here for them through equally profound changes before. And no matter what has been laid before us, we have been here to help them achieve their ambitions. | We have stood in service of our customers and clients for over 325 years. We have been here for them through equally profound changes before. And no matter what has been laid before us, we have been here to help them achieve their ambitions. |
| That does not change today. And through the uncertainty of the months ahead, be in no doubt that we are ready to do whatever it takes to uphold that promise. | That does not change today. And through the uncertainty of the months ahead, be in no doubt that we are ready to do whatever it takes to uphold that promise. |
| Kurt Bock, chief executive, BASF | Kurt Bock, chief executive, BASF |
| The United Kingdom is and will remain an important market for BASF. It has always been our strong conviction that the UK is better off within the EU, we therefore very much regret that Great Britain and Northern Ireland want to leave the European Union. Although we respect the decision of the British people, this outcome of the referendum will cause considerable uncertainty for markets, companies and households. It is therefore in the interest of both side to clarify as quickly as possible in which form the EU and UK will work together in the future. | The United Kingdom is and will remain an important market for BASF. It has always been our strong conviction that the UK is better off within the EU, we therefore very much regret that Great Britain and Northern Ireland want to leave the European Union. Although we respect the decision of the British people, this outcome of the referendum will cause considerable uncertainty for markets, companies and households. It is therefore in the interest of both side to clarify as quickly as possible in which form the EU and UK will work together in the future. |
| Carolyn McCall, chief executive, easyJet | Carolyn McCall, chief executive, easyJet |
| We remain confident in the strength of easyJet’s business model and our ability to continue to deliver our successful strategy and our leading returns. | We remain confident in the strength of easyJet’s business model and our ability to continue to deliver our successful strategy and our leading returns. |
| We have today written to the UK government and the European commission to ask them to prioritise the UK remaining part of the single EU aviation market, given its importance to trade and consumers. | |
| Sebastian James, chief executive, Dixons Carphone | Sebastian James, chief executive, Dixons Carphone |
| Feels strange and unsettling following the vote but we are the same, our company is the same, and our job is the same. | Feels strange and unsettling following the vote but we are the same, our company is the same, and our job is the same. |
| BMW | BMW |
| While it is clear there will now be a period of uncertainty, there will be no immediate change to our operations in the UK. | While it is clear there will now be a period of uncertainty, there will be no immediate change to our operations in the UK. |
| Today, we know that many of the relevant conditions for supplying the European market will have to be renegotiated, but of course we cannot say what this means for our UK operations until those future regulatory and legislative arrangements are agreed. | Today, we know that many of the relevant conditions for supplying the European market will have to be renegotiated, but of course we cannot say what this means for our UK operations until those future regulatory and legislative arrangements are agreed. |
| We will not speculate about the outcome of these negotiations nor about any possible effects that might have on our production operations in the UK. | We will not speculate about the outcome of these negotiations nor about any possible effects that might have on our production operations in the UK. |
| Aviva | Aviva |
| Aviva has conducted extensive analysis of the possible implications of a vote to leave the EU and considers it will have no significant operational impact on the company. | Aviva has conducted extensive analysis of the possible implications of a vote to leave the EU and considers it will have no significant operational impact on the company. |
| Aviva’s operations in the UK and its other subsidiaries in the EU are well capitalised and continue to trade as normal. | Aviva’s operations in the UK and its other subsidiaries in the EU are well capitalised and continue to trade as normal. |
| Aviva will continue to monitor the technical implications of the vote to leave, which will only be resolved after several years of negotiating a new relationship between the UK and the EU. | Aviva will continue to monitor the technical implications of the vote to leave, which will only be resolved after several years of negotiating a new relationship between the UK and the EU. |
| John Nelson, chairman, Lloyd’s of London | John Nelson, chairman, Lloyd’s of London |
| I am confident that Lloyd’s will stay at the centre of the global specialist insurance and reinsurance sector, and I look forward to continuing our valuable relationship with our European partners. | I am confident that Lloyd’s will stay at the centre of the global specialist insurance and reinsurance sector, and I look forward to continuing our valuable relationship with our European partners. |
| For the next two years our business is unchanged. Lloyd’s has a well prepared contingency plan in place and Lloyd’s will be fully equipped to operate in the new environment. | For the next two years our business is unchanged. Lloyd’s has a well prepared contingency plan in place and Lloyd’s will be fully equipped to operate in the new environment. |
| Richard Buxton, chief executive, Old Mutual Global Investors | Richard Buxton, chief executive, Old Mutual Global Investors |
| The biggest sadness of today is that it is reasonable to assume that the UK will quickly enter a period of economic recession, the key reason why we believed the outcome would be different from what has materialised today. It is, in effect, likely to be the first ever ‘DIY recession’, as George Osborne prophetically called it. | The biggest sadness of today is that it is reasonable to assume that the UK will quickly enter a period of economic recession, the key reason why we believed the outcome would be different from what has materialised today. It is, in effect, likely to be the first ever ‘DIY recession’, as George Osborne prophetically called it. |