Start Europe Brexit could drive third of the companies abroad

Brexit could drive third of the companies abroad

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Almost one in three British companies (29 percent) are forced to abandon their plans because of the EU’s exit. This emerges from a survey of the British Entrepreneurs Association Institutes of Directors (IOD) among its members, which was released yesterday.

Eleven percent of the approximately 1,200 participating companies had stated that they had already outsourced parts of their business abroad due to the EU withdrawal. Five percent of the companies were in the planning phase and 13 percent were actively considering relocation. Around 70 percent of companies with a relocation or corresponding plans chose locations within the EU.

„Britain’s hard-earned reputation as a stable business environment is being eroded. Our politicians need to be aware of this as we enter the crucial phase of the negotiations, „IOD leader Edwin Morgan said. Especially for smaller companies is the step abroad expensive.