Politics 23 January 2013 City reaction to EU referendum split “This is a political decision. This is not an economic decision." Print HTML Business reaction to Cameron's decision to give Britons a referendum on Europe today was split: some worried about economic uncertainty while others welcomed the opportunity to renegotiate trading terms. Sir Martin Sorrell, chief executive of advertising group WPP: Having a referendum creates more uncertainty and we don’t need that. This is a political decision. This is not an economic decision. This isn’t good news. You added another reason why people will postpone investment decisions. British Chambers of Commerce director general John Longworth: Announcing plans for a referendum on British membership puts the onus on the rest of Europe to take the Prime Minister seriously, as they will now see that he is prepared to walk away from the table. [But] the lengthy timescale for negotiation and referendum must be shortened, with the aim of securing a cross-party consensus and the outline of a deal during this Parliament. John Cridland, CBI Director-General: The EU single market is fundamental to Britain’s future economic success, but the closer union of the Eurozone is not for us. The Prime Minister rightly recognises the benefits of retaining membership of what must be a reformed EU and the CBI will work closely with government to get the best deal for Britain. Peter Sands, chief executive of Standard Chartered bank: The UK needs to remain very much part of the EU, but I can completely understand why prime minister Cameron thought it necessary to offer the people a referendum” Europe is changing and as the biggest country in Europe outside the eurozone, its relationship is going to change. Mark Boleat, policy chairman at The City of London Corporation: London’s position as Europe’s leading international financial and business centre is crucial to sustaining jobs and growth not just in the UK but across the continent. Simon Walker, director general of the Institute of Directors: A future referendum to decide the workings of our relationship is the best way to affirm Britain's participation in a free-market Europe which is competitive and deregulated. › What Merkel told Cameron about coalitions City split on referendum. Photograph: Getty Images Subscribe More Related articles Chinese loan sharks are using nudes as collateral. Is this the grim future of revenge porn? Tea Leavers and Champagne for Remain: what your shopping basket says about your EU stance “I’m a big boy”: What happened when MPs grilled Philip Green about the BHS scandal?