Com­pany bosses pre­pare to bail out of Bri­tain

Western Mail - - BUSINESS IN WALES -

MORE than one in five firms might have to move work from the UK be­cause of Brexit, a new study re­veals.

A sur­vey of more than 900 com­pany di­rec­tors found that around one in 12 had al­ready made con­tin­gency plans for Bri­tain’s de­par­ture from the EU, in­clud­ing mov­ing some of their op­er­a­tions.

The poll showed that 22% thought they might have to move some op­er­a­tions to the EU.

Half of those ques­tioned by the In­sti­tute of Di­rec­tors (IoD) said they wanted to keep in step with the rules of the Sin­gle Mar­ket for goods and ser­vices.

The sur­vey sent a clear mes­sage to the Gov­ern­ment that a fi­nal deal must min­imise reg­u­la­tory bar­ri­ers to trade, said the IoD.

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.”

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