Britain's Secretary of State for Exiting the European Union Stephen Barclay is seen outside Downing Street in London, Britain, April 2, 2019. REUTERS/Alkis Konstantinidis

LONDON (Reuters) - The legislation necessary for a potential second referendum on Brexit would take around 12 months to prepare, Britain’s Brexit minister said on Wednesday.

Holding a new referendum would have a “chilling” effect on business, Stephen Barclay told a committee of lawmakers.

“I think the legislation for a second referendum would take around 12 months,” Barclay said.