Skip navigation

Gloucestershire Business News

Nearly a third of UK companies could relocate due to Brexit

Nearly one in three (29 per cent) UK businesses could be forced to shift operations abroad due to Brexit, according to the latest figures from the Institute of Directors.

A survey of over 1,200 company directors found that 16 per cent had already pressed the button on relocation plans or were planning to in connection with Brexit, while a further 13 per cent are actively considering doing so.

The trend was not restricted to big business. While more large companies had already moved operations, small firms were almost twice as likely to be now actively considering the prospect.

Two-thirds of exporters to the EU were looking to relocate overseas, and four in 10 IoD members who are engaged with contingency planning have explored moving operations. The EU was by far the most commonly-identified destination for firms looking to move or set up operations abroad to deal with Brexit.

Edwin Morgan, interim director general of the Institute of Directors, said: "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. Change is a necessary and often positive part of doing business, but the unavoidable disruption and increased trade barriers that no-deal would bring are entirely unproductive.

"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. 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.

"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."

Related Articles

Multi-million pound redevelopment of listed city centre hotel could be afoot Image

Multi-million pound redevelopment of listed city centre hotel could be afoot

Speculation is rife this morning that a Gloucestershire building company linked to one of the country’s wealthiest businessmen could be about to redevelop an historic city centre hotel.

Contractor named for new £4.3 million housing development Image

Contractor named for new £4.3 million housing development

Just a week after approval from Cheltenham Borough Council planners the project to replace three properties with 27 new homes is underway.

New bar unveiled for Cheltenham Image

New bar unveiled for Cheltenham

Another jewel is to be added to the £100 million town centre attraction that is The Brewery Quarter, creating “dozens of jobs”.

Stagecoach West drivers make the finals of Bus Driver of the Year Image

Stagecoach West drivers make the finals of Bus Driver of the Year

It is ‘next stop, Bus Driver of the Year 2019 finals’ for three drivers from Stagecoach West.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.