Investment and hiring intentions in the UK remain high amongst many London firms, according to new analysis by the Confederation of British Industry and commercial real estate and services firm CBRE.

The research shows that 41% of the 186 firms surveyed after the EU Referendum said that they planned to maintain their investment plans, with 9% planning on increasing their plans. Meanwhile, 16% said they will freeze investment plans, while 21% think they will reduce them. Half of businesses, or 50%, plan to continue to hire after the EU Referendum, with 29% not planning to do so. Moreover, 12% plan on reducing staff numbers.

“London remains firmly open for business, and the capital’s firms are well used to navigating choppy waters,” Lucy Haynes, CBI London Director, said. “Many appear to have taken the decision to leave the European Union within their stride.”

“Whilst the initial shock from Brexit has dented some firms’ investment plans, it’s encouraging that over two fifths intend to maintain them and half of businesses aim to continue to hire at this early stage,” Haynes said.

“Many firms are still considering their response to the Referendum, and in an increasingly competitive global race, they will be looking for a clear plan from the Government and City Hall to maintain the openness of London’s economy. The Government must confirm that those people from the EU who are already working in the UK can stay, and business stands ready to work together with politicians to make the capital grow and prosper,” Haynes said.

“Despite the widespread fear that a leave vote would send shockwaves through London businesses, these results show the capital city is resilient and already planning the best way of ensuring it thrives in the new climate,” Adam J. Hetherington, Managing Director, London, CBRE UK, said. “From a property perspective, appetite from occupiers and investors remains strong. Business needs to pull together with policy makers to ensure the open for business message is communicated loud and clear to all corners of the globe.”