DHAKA: Many companies are likely to impose a hiring freeze following Britain’s vote to leave the European Union, according to a leading business group.

The Institute of Directors (IoD) surveyed 1,000 of its members and found that a quarter planned to freeze recruitment.

The results suggested that almost a third would keep hiring at the same pace, with 5% planning to cut jobs.

Almost two-thirds said the vote was negative for their business.

Simon Walker, director general of the Institute of Directors, told the BBC’s Today program, ‘Business leaders are very, very concerned. Nearly half of them expect the other member states to punish Britain’.

Walker said he did not think those that voted for Brexit realised they were voting ‘for constitutional and economic chaos’, but he added half his members did think they could keep going.

‘There’s no point crying over spilt milk. Over time we must not lose faith in business to recover, but it was always going to be a shock with a loss of jobs and economic growth for quite a long time and it looks as though it will permeate through the whole of British business.’

BDST: 1428 HRS, JUN 27, 2016
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