Most CEOs in UK bearish on Brexit

More than 75% ready to consider moving headquarters or operations outside Britain, survey finds

The UK’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm KPMG.

Around 72 per cent of the CEOs surveyed said they voted ‘Remain’ in the June 23 Brexit referendum, KPMG said yesterday in an e-mailed statement. While more than two-thirds said they’re confident Britain’s economy and their own companies will continue to grow over the next year, 76 per cent are mulling some form of relocation.”

“CEOs are reacting to the prevailing uncertainty with contingency planning,” KPMG UK Chairman Simon Collins said in the statement. “Over half believe the UK’s ability to do business will be disrupted once we Brexit and therefore, for many CEOs, it is important that they plan different scenarios to hedge against future disruption.”

The survey suggests Prime Minister Theresa May has work to do to retain businesses and jobs as the UK seeks a deal with the EU that curbs immigration. Before the referendum, thenChancellor of the Exchequer George Osborne said a vote to leave would endanger as many as 820,000 jobs.

Pound depreciation

While the pound has fallen by 13 per cent against the dollar since the vote, some of the direst pre-referendum predictions have failed to come true, particularly about the economic outlook. Still, May has yet to trigger a formal exit, saying only she won’t begin the process this year.