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EU Referendum: Statement from BDO's Managing Partner

24 June 2016

Simon Michaels, Managing Partner of BDO LLP comments on the result of the EU Referendum.

Simon Michaels said:

“Today’s EU referendum result will be sending shockwaves through UK businesses. Despite the expected short term volatility in the currency markets and stock markets, it is important to remember that the Government now has a two-year period of negotiation to agree its terms on leaving the EU. 

“It is possible that the Chancellor will now call an Emergency Budget and this could bring substantive tax changes fairly quickly. These are expected to be good news for businesses, as the Government seeks to bolster the UK’s attractiveness as a business location. The Government must now reassure global markets and help develop a new relationship that plays to our traditional strengths as a great economic and exporting nation.

“The detail of our relationship with the EU will not change overnight so businesses should remain calm and plan accordingly. As with all major economic shocks, businesses that remain engaged and adaptable will be best placed to trade profitably through the changes and make the most of the opportunities that they offer.”


Notes to editors

Accountancy and business advisory firm BDO LLP has a clear ambition to be known in the market for exceptional service delivered by empowered people. The Mid-Market Monitor shows that BDO is the market leader for client satisfaction for the fourth year running – outperforming all its major competitors.

BDO’s heartland is the mid-market. The UK mid-market accounts for less than 1% of all firms but delivers a third of UK revenue and one in four jobs. In the last five years, medium-sized businesses have grown turnover by 55% and profits by 110%. BDO’s New Economy research ( calls for the government to put the UK mid-market at the heart of its plans to rebalance the economy and help this already successful sector expand further.  


BDO LLP operates in 18 offices across the UK, employing 3,500 people offering tax, audit and assurance, and a range of advisory services. BDO LLP is the UK member firm of the BDO International network with revenues approaching £400m.

BDO International

The BDO International network provides business advisory services in 154 countries, with 64,500 people working out of 1,400 offices worldwide. It has revenues of $7.3bn. 


Laura Wade
Senior PR & Reputation Manager
0161 817 7627 / 07814 500 799
[email protected]