BUSINESS leaders in Hampshire were putting on a brave face and urging calm after referendum result which saw democracy trump commerce.

Stewart Dunn, Hampshire Chamber Chief Executive says Brexit might be good news for small companies concerned about over regulation from Brussels but growth will be affected in several keys areas of the region’s economy.

He said that the engineering, aerospace and marine sectors, all big employers in the county, now faced uncertainty.

“Some of our members, who have long harboured legitimate concerns about Brussels power and red tape, will be happy. Among them will be owners of many small and medium-sized businesses,” he said.

“We understand the frustrations they have had and we hope the future is more benign. For those who voted to remain however, including no doubt those many Hampshire exporters who trade across the EU and have been putting off investment decisions, the referendum result is a painful blow.

“Hampshire has very strong links to Europe through its geographic proximity, two major sea ports and regional airport. Growth strategies in a number of our sectors, including engineering, aerospace and marine, are certainly going to be affected but the full extent is unclear.”

“What the business community needs now is a clear plan to stabilise markets and support the economy during the coming transition period. Equally, the government needs to ensure there are free trade deals in place, with Europe and elsewhere, that really do deliver.”

Mr Dunn said that the chamber, which works with more than 2,000 individual firms spanning all sectors and sizes of business, had maintained a neutral stance during the referendum campaign but would continue sharing essential information with its members on how decisions in Westminster would affect Hampshire businesses.

Giorgio Bendoni, pictured below, chairman of the Hampshire and Isle of Wight Institute of Directors (IoD), said that he greeted the result with a sense of disappointment.

“The majority of our members wanted to remain in the EU and have access to the single market and engage with the processes concerning movement of goods, services and capital.

“While some of them wanted to see a reformed most were happy to stay in the EU as it was,” said Georgio, whose technology company Gallery deals in data analysis.

He said the IoD were urging the government to stabilise the financial markets as a priority.

Giorgio, an Italian who has been in the UK for 13 years, said that the business community must remain calm.

“Our economy is still strong. We must not allow emotions to take over. We have to hold tight,” he said.

He said the plunging pound might help some exporters, particularly those in service industries which did not have to buy raw materials. However, manufacturers who had to buy materials in dollars would be hit hard in the short run.

“I have personal experience of transaction in dollars which overnight just got a lot more expensive,” he said.

“For companies that buy dollars forward it has been impossible to predict the market over the past few days.”

He said that it was important to maintain access to the single market but he added: “There will be a cost to the UK, whether it’s financial or political remains to be seen.”

Georgio concluded that dealing with the fallout from the Brexit vote would be massive distraction for business.

“There will be a lot of time and money wasted on dealing with the result of the referendum rather than working on new products and services.”

Gary Jeffries, chairman of Solent LEP (Local Enterprise Partnership) an organisation of businesses and local authorities said the referendum result should not stand in the way of government investment in the region.

He said: “If the Solent economy is to achieve its potential, we need to see transformational investment in our local infrastructure, innovation networks, skills system and business base. The Solent LEP remains dedicated to this principal regardless of the outcome and we are submitting a proposal to secure further Local Growth Deal investment from the government for the Solent area.”