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Rob Whiteman, Chief Executive of the Chartered Institute of Public Finance and Accountancy (CIPFA), said:
“The decision to leave has been made but Britain remains geographically part of Europe and we must continue to work closely with our neighbours to protect our economies and strengthen public services.
“We urge against knee-jerk reactions, the Government must carry out detailed analysis of public finance before making decisions. Many councils, hospital and schools are already on the brink – they would not easily withstand shocks to their funding.
“During the transition to a new Prime Minister and negotiations to leave, public bodies that receive European Structural and Investment funding in particular, will seek assurance that this funding will be maintained.
“CIPFA will work closely with the Government as needed to help ensure as smooth a transition as possible with advice on the complexities to be worked through.
"And we will keep working in Europe. The world economic march to globalisation over coming decades will continue and CIPFA will be pleased to support UK, EU and international public bodies to learn from each other to meet their challenges."