BUSINESS leaders in York have called for calm and stability in the wake of the Brexit vote.

Both the Bank of England and the government need to step in and take "swift, decisive, and coordinated action" on the economy, York's Chamber of Commerce has said.

The president of the York and North Yorkshire branch Ed Everard said yesterday [Friday]: "The people have spoken and now the Government must navigate a path for Brexit to be realised.

"In the wake of the electorate's historic decision to leave the European Union, the immediate priorities for businesses in York and North Yorkshire are market stability and political clarity."

That plea has been echoed by the Federation of Small Businesses (FSB), whose North Yorkshire chairman Simon Williams who said businesses need answers on crucial things like the single market and the free movement of people and trade.

He added: "The events of the last 24 hours have been momentous and the effects have already been seen on the markets. Clearly the EU Referendum debate has been contentious, but we now call on the Government and all parties to bring stability for the business community.

"Nearly a quarter of FSB members export, with the majority exporting to the single market. Access to the single market means access to 500 million potential consumers, more than 26 million businesses and is worth 11 trillion euros.

"These are crucial questions that need to be answered swiftly to ensure the UK’s 5.4 million small business confidence does not fall any further, which is already at the lowest levels since 2013.This includes clarity over the practical implications of this result on how smaller firms do business."

Mr Everard said businesses needed to see a clear timetable for the UK's exit from the EU, and a detailed plan to support the economy through the transition.

He added: "Confidence, investment, hiring and growth would all be deeply affected by a prolonged period of uncertainty. If ever there were a time to ditch the straight-jacket of fiscal rules for investment in a better business infrastructure, this is it.

"We need to move quickly back to business as usual and ensure a smooth transition. The health of the economy must be the number one priority – not the Westminster political post-mortem."