Almost a third of UK businesses 'looking to relocate abroad due to Brexit'

05 Feb 2019

A survey conducted by the Institute of Directors (IoD) has found that nearly a third of IoD members are looking to move their operations abroad due to the uncertainty surrounding Brexit.

The survey of 1,202 company directors also revealed that more small firms are looking to relocate than previously anticipated. 15% of small firms are 'actively considering' setting up operations outside of the UK. Furthermore, 8% of small businesses have already relocated overseas, while 4% plan on doing so.

Of those looking to relocate, 69% stated that they plan on setting up operations in the EU; 22% are considering setting up in both EU and non-EU countries; and 7% are seeking to relocate to non-EU countries. 

Commenting on the survey, Edwin Morgan, Interim Director General of the IoD, said: 'While the actions of big companies have been making headlines, these figures suggest that smaller enterprises are increasingly considering taking the serious step of moving some operations abroad.

'We still have a chance to stem the flow, and provide enough certainty to the firms that are considering moving but haven't yet done so.

'The UK's hard-won reputation as a stable, predictable environment for enterprise is being chipped away. Our political leaders must keep this in the front of their minds as we enter this critical phase of negotiations.'

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2024 Penn Management Services. All rights reserved. | Company Number: 03655701

Penn Management Services, 1 & 2 Heritage Park, Cannock, Staffordshire WS11 7LT
We use cookies on this website, you can find more information about cookies here.

In accordance with the disclosure requirements of the Services Regulations 2009, our professional indemnity insurer is Allied World Assurance Company (Europe) Limited, of 20 Fenchurch Street, 18th and 19th Floors, London EC3M 3BY. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of Amercia or Canada.

We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C008875364.