BUSINESS bosses must react with cool heads to the Brexit vote and get on with the job of ushering in a new trading era.

The North-East Institute of Directors (NEIoD) says political accusations must be put aside in favour of action to stabilise Britain's finances.

Speaking after Prime Minister David Cameron announced his intention to resign after the EU vote, Graham Robb, NEIoD chairman, said: "There is no time for political recriminations.

"The first priority is to steady the economy and our political leadership should come together to heal divisions.

"In business, it is time for cools heads to make best of a new era.

"The Bank of England has rightly reassured the world it has the capability to ease market turbulence.

"Given that the Prime Minister has resigned to enable a new leader to negotiate an orderly exit from the EU, I will attend to my business as usual and I’m sure IoD members will keep calm and carry on.

“There are opportunities in the years ahead; the UK should promote widespread free trade with an international outlook, not retreat into any kind of isolation."

Simon Walker, IoD director general, added: "While this may not have been the result the majority of our members wanted, it is now imperative our political leaders manage the transition as smoothly as possible.

"British businesses are resilient and, with their characteristic ingenuity, they will weather this storm.

"It is now beholden on politicians to negotiate a deal with European leaders that preserves the ability of British firms to trade easily with the remaining member states.

"Even once we have left, the EU will continue to be our biggest trading partner, and the first destination for many companies when they start to export.

"One thing the Government must do immediately is to guarantee the right to remain of EU citizens currently in the UK.

"Companies do not want to have to worry about losing valued staff."