In a post-Brexit survey of 1,000 members, the Institute of Directors (IoD) found 24% will halt hiring and 5% will make redundancies.

A third said hiring will continue at the same pace.

The poll, which was carried out between 24-26 June, revealed 64% of leaders think the result is negative for their business.

One in five firms are considering moving some of their operations outside the UK and only 1% said they will bring operations back, the survey said.

Simon Walker, director general of the Institute of Directors, said: “Businesses will be busy working out how they are going to adapt and succeed after the referendum result. But we can’t sugar-coat this, many of our members are feeling anxious. A majority of business leaders think the vote for Brexit is bad for them, and as a result plans for investment and hiring are being put on hold or scaled back.

“During the referendum campaign we were promised an open and outward-looking country after Brexit, now it must be delivered.”