COLCHESTER business leader Simon Blaxill says the country has "shot itself in the foot" by voting to leave the EU - but businesses must find a way around it.

Mr Blaxill, Managing Director of building supplies company Kent Blaxill, based in Layer Road, Colchester, had urged voters to Remain in the union but has now admitted he was "concerned" in the lead up to Thursday's referendum after speaking to many businesspeople who were planing to vote Leave.

The company boss has now predicted at least a short-term period of economic slowdown, something which he says all businesses fear.

He said: "My main concern is for any business, no matter what industry, uncertainty is something you just do not want because it causes people to hesitate.

"Any hesitation will have a knock-on effect on the next person, which is usually a business.

"We have shot ourselves in the foot but we have to find a way around it."

He added: "Elections are usually a problem and we generally see a slow down in the three months before one.

"The problem here is, with an election, you see which party is power and you move on but this time we just do not have that.

"More than that, not only do we now have economic uncertainty but also political uncertainty.

"It is clear there are going to be big changes and in my own view there has been a certain amount of naivety."

Mr Blaxill also outlined his fears over the pound's sudden plummet, adding: "The pound going down, as most people agree, will help our exports but it seems to be forgotten we import much more than we export.

"My next concern is that it will take a considerable amount of work to get the treaties in place for trade."

He pointed to Canada's example as an example.

The North American country has been in negotiations with the EU since 2009 to settle on a free trade agreement, something he hopes the UK's position does not mirror.

He added: "That doesn't even include anything on financial services, so that's not a good sign at all."