Almost a third of UK firms planning relocation over Brexit
29 percent of British businesses plan to shift some of their operations overseas, or have already done so, due to Brexit, according to a survey by the Institute of Directors (IoD).
The survey of more than 1,200 company directors found that 16 percent have already begun relocating or are planning to, with another 13 percent "actively considering doing so."
"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," Edwin Morgan, the IoD's interim director general, said in a statement.
"Change is a necessary and often positive part of doing business, but the unavoidable disruption and increased trade barriers that [a Brexit] no-deal would bring are entirely unproductive," Morgan added.
He highlighted the survey's findings that show that smaller businesses are increasingly looking at shifting some operations abroad. "For these firms, typically with tighter resources, to be thinking about such a costly course of action makes clear the precarious position they are in," Morgan said.
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