A VOTE for Brexit and the Prime Minister’s imminent departure have prompted question marks over how stable trading conditions are going to be for East Lancashire businesses.

Even before David Cameron made the announcement that he was going to step down within three months, the effect on the currency markets and exports was already exercising bosses’ minds.

Mike Damms, chief executive of East Lancashire Chamber of Commerce, said: “The most immediate aspect will be the question of how the markets react, and the effect of the political instability, before we consider how this will affect emerging trade deals.”

He said that while the weakening of sterling may make East Lancashire’s exports more attractive, a number of the companies who rely on the foreign markets were also importers, with the opposite knock-on effects.

“There has definitely been a large company and small company split, and even a domestic and international divergence.

“I have spoken to a European company based over here, who were horrified at the prospect, and then on the other hand a local German firm, who were all in favour.”

Jane Parry, the managing partner and head of tax at PM&M, which has offices in Blackburn and Burnley, said: “We are now in unchartered territory and likely to see continuing instability across the economy and political arena for some time.

“For north west businesses, which desperately need the confidence and certainty to be able to plan ahead, that isn’t likely to be in place any time soon.

“That is particularly the case for businesses which rely on export markets, but the effect is likely to be felt across the whole business community and economy.

“The immediate priority for businesses is to understand what they can do to give comfort and confidence to investors and funders and to start to put a plan in place to navigate the business through the next two years.”

George Lamb, the Blackburn Chemicals boss who urged his staff at the Whitebirk plant to vote for Brexit, said: “The people have made the right decision.

“Now we need a good leader to guide us through the inevitable difficult times. The important point is that our future is now in our hands.”

John Green, chairman and director of Pierce Accountants, who are based in Blackburn and have clients across East Lancashire, said: “Despite any immediate market movements, the underlying economy is sound.

“This means there will be lending available for local businesses as normal to help them trade and develop.

“As we move towards our actual exit there will inevitably be opportunities for the nimble.

“Although we now face a period of change and readjustment, business life should continue as normal.”

Fraser Cropper, MD of Blackburn-based vaping company, Totally Wicked, said: “The next four to six months will be an important time for businesses.

“We need to know exactly what we will be allowed to do and what our access with the European trade will be. There needs to be more stability as we have seen, the pound’s strength against the dollar has been up and down. Myself, like everyone else will not know what will happen until it happens, we just need to be get the uncertainties sorted.”