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A third of UK firms consider Brexit relocation

Almost a third of UK firms have at least considered a move overseas in light of Brexit, according to a new survey by the Institute of Directors.

The employers group says 18 per cent were either planning or actively considering moving activities overseas with 11 per cent – chiefly larger companies – having already done so, according to a Reuters report.

The relocations were mostly planned to other counties in the EU as opposed to the rest of the world.

IoD director general Edwin Morgan says: “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.

“The UK’s hard-won reputation as a stable, predictable environment for enterprise is being chipped away.”

The majority of firms, 61 per cent, maintained that they had no relocation plans around Brexit.

The IoD survey covered 1,202 firms, and suggested that the most likely businesses to already have moved operations out of Britain were financial and insurance companies, followed by manufacturers and professional, technical and scientific firms.

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