One in five firms could move operations out of the UK after Brexit, IoD poll finds
PUBLISHED: 09:01 15 November 2017 | UPDATED: 09:01 15 November 2017
Nearly a quarter of firms believe Brexit may force them to move work outside the UK, according to a new study.
A survey of more than 900 company directors found almost 10% had made contingency plans for leaving the EU, including moving some of their operations.
The poll by the Institute of Directors showed 22% thought they may have to move some operations to the bloc.
Half of those surveyed said they wanted to keep in step with the rules of the single market for goods and services.
The IoD said the poll sent a clear message that a final deal must minimise regulatory barriers to trade.
Allie Renison, the IoD’s head of EU and trade policy, said: “British companies have huge potential to grow their exports and seize opportunities in new markets across the world, but a smooth Brexit is essential to paving the way towards this goal.
“IoD members are clear that they want the UK to co-operate closely with the EU after Brexit to make sure they have the most access they can get to the single market.
“We will be outside of the EU, and not bound by its laws, but to make sure goods and services can flow as freely as possible businesses think we should keep our regulations closely aligned in these areas.
“Businesses urgently want the UK and the EU to announce they’ve reached an agreement on citizens’ rights, which has been close but just out of reach during the previous rounds of talks.
“A quick agreement on a transition deal is also a high priority, preventing companies from having to take premature decisions on relocating operations.”