Company bosses prepare to bail out of Britain

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.”