Almost a quarter thought Brexit was positive for their business ( 9% thought it would make no difference).

A third said hiring would continue at the same pace. However one in five ( 22%) said they would consider moving some of their operations outside of the UK.

Over a third ( 36%) of IoD members said the outcome of last Thursday’s vote will cause them to cut investment in their business, against 1 in 10 ( 9%) who said they would increase investment. Just under half ( 44%) said there will be no change.

Simon Walker, director general of the Institute of Directors said: “Businesses will be busy working out how they are going to adapt and succeed after the referendum result. But we can’t sugar-coat this, many of our members are feeling anxious. A majority of business leaders think the vote for Brexit is bad for them, and as a result plans for investment and hiring are being put on hold or scaled back.”

Firms want patience in negotiations with half ( 51%) thinking getting a good deal should be prioritised over wrapping it up speedily. Nearly half of IoD members are worried the rest of the EU will react negatively to the UK in negotiations.

There is no consensus yet among business leaders on what trading model the UK should aim to achieve.

The IoD received results from 1,092 members between 24– 26 June.