One in three UK firms considering relocating due to Brexit, survey finds

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21st February 2019 16:44 - Business Support

One in three UK firms plan to relocate due to Brexit, survey finds: A survey of UK companies has found almost a third either plan to or are considering relocating some of their operations as a result of Brexit.

The poll by the Institute of Directors (IoD) questioned 1,200 of its members and found that 29% have either made plans to move their business outside of the UK or are considering doing so.  

It is not only big businesses planning to exit the UK, according to the poll.

Four in ten IoD members polled who export to the EU said they were looking to move their operations out of the UK – with the most specified destination of where to relocate being the EU (69%)

Looking at contingency plans, 40% said as of yet they have no contingency plans and will make changes once it becomes clear what the new relationship between the UK and EU will be, while 18% said they have already activated their Brexit contingency plans. A further 18% also said they have drawn up a plan but are yet to implement it. Almost 1 in 5 said they don’t expect Brexit to affect them so have no contingency plans at all.

Looking at individual sectors, 17% of Finance and Insurance firms have already moved out of the UK, followed by those in scientific and technical industries (14%), manufacturing (14%) and Information and Communications (10%).

The Industries who say they are planning to do so include Information and Comms (9% with a further 20% actively considering), Human health and social work (7% with a further 18% actively considering) and manufacturing (6% with a further 13% considering it).

Edwin Morgan, Interim Director General of the Institute of Directors, said:

“It brings no pleasure to reveal these worrying signs, but we can no more ignore the real consequences of delay and confusion than business leaders can ignore the hard choices that they face in protecting their companies. 

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