FOR many of the thousands of Scottish business leaders who recognise the huge benefits of European Union membership, dismay and shock over June’s referendum result may well by now have given way to a deep sense of foreboding.

Such foreboding would be well-founded, given warnings from experts including Strathclyde University’s Fraser of Allander Institute, Scottish Chambers of Commerce and fund management giant BlackRock about the dangers of recession, whether north of the Border or in the UK as a whole or both.

Businesses, faced with having to act quickly to make the best of a very bad lot indeed in terms of the UK electorate’s vote to leave the EU, will not be frozen by this sense of foreboding.

One massive problem for them, however, is the uncertainty over what happens next in terms of the UK’s future relationship with the EU – and whether or not there is scope in any Brexit deal to reduce slightly the scale of the inevitably huge economic damage.

Surveys ahead of the June 23 vote showed a large majority of Scottish business leaders favoured EU membership. Such support was understandably strong among exporters. However, it was also solid among businesses focused on the domestic market, which depend on a healthy economy.

From having spoken to business leaders ahead of the referendum, many are also acutely aware of the benefits to society stemming from EU membership. Such sentiments were expressed in an altruistic way, although it is worth observing that a properly functioning and inclusive society is a pretty good place to start if you want a healthy economy.

The divisive austerity policies pursued by the Conservative Government since 2010, including swingeing cuts in welfare provision, are not good for society. Neither is the dismantling of employment laws.

The Brexiters, who refuse to read the writing on the wall in the economic data, continue to bang on about new bilateral trade deals and the money saved by not being in the EU. But negotiating trade deals is notoriously difficult and the UK’s financial contribution to the EU is an absolute drop in the ocean in terms of the country’s public finances, before we even get to pointing out the huge benefits membership brings.

Brexiters accuse anyone who does not agree with their fantastical story of talking the economy of Mighty Blighty down and causing it damage.

This is not the problem. The key problem remains that Brexit will damage the UK economy, and the very prospect of it is already doing so. There is no stopping that, it seems, with new Prime Minister Theresa May declaring "Brexit means Brexit".

But we should not underestimate the damaging impact of the uncertainty. Business hates uncertainty. And, when it comes to the Brexit process, it seems there is little else other than uncertainty. Mrs May says the economic model for UK links with the EU following Brexit may not yet exist. And many senior Tories who campaigned for Brexit seem to have been bereft of any strategy beyond winning the vote.

This shambles looks set to prevail for many months. Meanwhile, we are exposed to a very large detrimental impact on trade and investment.

It was great to see pharmaceuticals giant GlaxoSmithKline, in spite of its Brexit worries, announce a £110 million investment in its Montrose plant but Scottish Development International will have its work cut out securing overseas investment amid the fog of uncertainty.

The UK as a whole has failed to mount a convincing recovery from the 2008/09 recession. And Fraser of Allander noted the Brexit vote was absolutely the last thing the Scottish economy needed.

First Minister Nicola Sturgeon has highlighted her determination to try to keep Scotland in the EU in line with the wishes of its electorate. She has moved swiftly to make a plea on behalf of the Scottish electorate to the EU in this regard. However, it remains to be seen what will happen.

While some note the question of Scottish independence creates further uncertainty, the First Minister can hardly be blamed for our economic predicament.

The corrosive economic uncertainty throughout the UK has been created by the Brexit vote, which occurred because former Prime Minister David Cameron called a referendum on EU membership. For businesses and consumers, it is crucial this uncertainty is resolved.

Consumer confidence has tumbled. Businesses have generally put on a brave face, but not knowing what the future will hold makes it difficult to run even day-to-day operations. The Scotch Whisky Association has already held talks with the Scottish Government, as both parties strive to safeguard this key export industry following the Brexit vote.

In recent years, businesses in Scotland and elsewhere in the UK have had to become used to dealing with grim economic circumstances, and will need to draw on all this experience now.

Given the mess the Brexit vote has landed us in, calls for a swift end to uncertainty will likely be in vain. Battle-hardened businesses should by all means hope for the best, but prepare for the worst.