International Consolidated Airlines Group (IAG) predicts there will be no long term material impact on business following Brexit, while Heathrow Airport says the vote reinforces the need for a third runway.

Following the UK public voting to leaving the European Union, there has been much debate on the impact to the country’s economy, with the pound’s value plummeting on hearing the news.

IAG, which owns British Airways, says leaving “will not have a long term impact on its business.”

It adds: “In the short term, however, in the run up to the UK referendum during June, IAG experienced a weaker than expected trading environment. Following the outcome of the referendum, and given current market volatility, while IAG continues to expect a significant increase in operating profit this year, it no longer expects to generate an absolute operating profit increase similar to 2015.”

Heathrow says better connections to the world are now more important than ever, and a third runway could mean up to 40 new destinations.

The airport says: “With today’s result, the case for expansion at Heathrow is stronger than ever before. Only Heathrow can help Britain be the great trading nation connecting all regions of the UK to the world.”

“It is the keystone that connects businesses of every size to markets across the world as the UK’s only global hub airport.”