The concerns of businesses in Great Britain regarding the recent Brexit vote have been discussed previously, but two new surveys show just how worrisome the Brexit vote is and to what measures businesses are considering to go as a response.
A survey of 100 large British companies conducted by KPMH shows that about 76% of United Kingdom CEOs are considering relocating their business headquarters or at least parts of their business out of the country. It doesn’t mean that businesses will cease operations in the UK, but such measures will affect the taxation benefits the UK will receive from the businesses.
Simon Collins, U.K. chairman at KPM explained, “Moving headquarters abroad is radical and hits the headlines but businesses could start shifting operations abroad with little public attention… It would be surprising and almost negligent of CEOs to not be making contingency plans or evaluating options.”
Another survey of 115 companies in the financial services sector conducted by PwC reaffirms the sentiment. The survey revealed that 53% of all firms asked claimed that the Brexit vote is bad for their business, and only 12% said it’s good.