THE decision to quit the EU was like “turkeys voting for Christmas” according to business boss Eric Hawthorn.

The pro-EU managing director of Shipley-based technology firm Radio Design, which employs more than 250 staff locally, said his main short-term concern was ensuring the business did not suffer from currency fluctuations.

The pound crashed to its lowest level in 30 years yesterday as Britain headed for the European Union exit door.

Mr Hawthorn said: “While a weaker pound benefits us when selling abroad, it means we must pay more for components we import from China, so it’s a case of balancing the impact of higher prices versus increased costs and that is something we are to focus on in the short term.

“It will likely take between 18 months and two years before the full impact of Brexit will be fully seen and that will be the time for us to take stock of what is best for Radio Design.

“Leaving the EU will certainly make it more difficult to open up new markets and the process will also take the Government’s eye off the ball of creating a stronger economy after a period of economic growth.

“I personally am very disappointed by the result of the referendum, but that’s democracy. We are where we are and as a business will have to deal with it.”

Mr Hawthorn, a Leeds city region export ambassador, did not anticipate much immediate impact on his business, apart from dealing with currency issues, but said building trade in the long term would be more challenging outside the EU. He said: “While markets in the EU have been wide open to us and welcomed us with open arms, establishing new markets elsewhere in the world is more difficult.

“We pitched up in India in 2008 and are only just beginning to see real returns from our operation there.

“Companies can’t just turn up in markets and expect them to produce quick results and I expect the process to be more difficult going forward.”

Pro-Brexit accountant and Bradford City AFC director Alan Biggin hailed the result, saying business would continue whatever the political upheavals.

“There may be some temporary difficulties while future trading terms are worked out and negotiated but in the long run business will continue to trade with Europe and the rest of the world.

“I think it’s terrific that Britain has voted to leave the despotic EU which has shackled us for so long and we can now make our own way in the world,” he said.

International trade expert Tim Bailey has warned it could be “back to the future” for local exporters to the pre-EU days when more than 100 documents were needed for the transit of goods across borders.

Mr Bailey, the international trade director at Bradford-based Chamber International, said the organisation which advises and supports business across the UK, would face major upheaval as all its practices and services were based on EU regulations.

He said: “This result is not going to stop us exporting but without access to EU trade agreements UK businesses could become less competitive. This has to be a priority area for the Government, they need to establish a negotiating structure that can begin multiple trade negotiations. We need to get back to the trading position we are in now as quickly as possible.”

Bradford’s business leader has called for swift and co-ordinated action to ensure stable trading conditions in the wake of the EU leave vote.

Andy Caton, Bradford Chamber of Commerce president, said: “The people have spoken and now the Government must navigate a path for Brexit to be realised. In the wake of the electorate’s historic decision to leave the European Union, the immediate priorities for businesses in Bradford are market stability and political clarity.

“Some businesspeople will be pleased with the result, and others resigned to it. Yet all companies will expect swift, decisive, and coordinated action from the Government and the Bank of England to stabilise markets if trading conditions or the availability of capital change dramatically.

“Firms across the district want an immediate and unambiguous statement from the Prime Minister on next steps, along with a clear timeline for the UK’s exit from the European Union.

“Bradford’s businesses will also want to see a detailed plan to support the economy during the coming transition period – as confidence, investment, hiring and growth would all be deeply affected by a prolonged period of uncertainty.”

A spokesman for food and drink manufacturer Princes, which has a production plant in Bradford, said: “This decision presents a likely period of change and prolonged negotiation as we navigate changes to trading, market access and regulation.

“However, where possible, it will be business as usual for Princes and we remain firmly committed to our operations inside and out of the UK and the ongoing stability of our business.”

Sterling plunged ten per cent against the dollar overnight to 1.33 US dollars, a low not seen since 1985, as the Leave campaign clinched victory. The fall, which settled at 9.2 per cent in afternoon trading, represents one of the biggest daily falls on record for a major currency.

The pound clawed back some of the losses by the afternoon, hitting 1.36 US dollars.

Dominic Rossi at Fidelity International said: “We may have not seen the end of this. As the dust settles and the fundamentals assert themselves, it’s likely that sterling will continue to weaken against the US dollar and the euro.”

Sterling had hit 1.50 dollars shortly after polls closed at 10pm on Thursday, but as Leave votes flooded in in increasing numbers, the strength of the pound plummeted.

Joe Rundle, head of trading at ETX Capital, described the win for Leave as “one of the biggest market shocks of all time”.

He said: “The pound has collapsed to its lowest level in over 30 years, suffering its biggest one-day fall in living memory. Panic may not be too strong a word – the pound could have further to go over the next couple of days as markets digest the news.”

Kathleen Brooks, of City Index, added: “Financial markets seriously underestimated the possibility of a Brexit.”