80pc of UK retail chairmen believe Brexit would hit the UK's economy, a new survey argues

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Four out of five UK retail chairmen say that Brexit would hit the economy (Source: Getty)

80 per cent of the UK's retail chairmen believe Brexit would negatively affect the economy, according to a new survey.

Korn Ferry surveyed 50 retail chairmen in organisations with a combined turnover of more than £191,500m, finding substantial fears around a vote to leave.

However, only 64 per cent said that they would vote to remain in the EU.

Korn Ferry managing director, retail, Sarah Lim said those surveyed remain wary of protracted trade disputes, with one arguing that it will take the UK a decade to recover.

Others cited the impact on UK investment, with EU spending prioritised after Brexit, while a Leave vote also raises concerns of the impact on the price of sterling and money markets, Lim added.

Walgreens Boots Alliance executive chairman Stefano Pessina, said: "Should Britain vote to leave the EU, I believe it would be negative both for Britain and the EU."

Vote Leave chief executive Matthew Elliott responded: "Only today figures have shown that despite remain’s negative campaign, Britain’s economy is booming. Business opinion is divided on the EU but the only real danger to our economy is those who constantly talk Britain down."

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