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    A pedestrian shelters from the rain beneath a Union flag themed umbrella as they walk near the Big Ben clock face and the Elizabeth Tower at the Houses of Parliament in central London on June 25, 2016.

    Brexit Backlash: Three-Quarters of UK Bosses Considering Ditching Britain

    © AFP 2019 / Justin Tallis
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    Three-quarters of UK company bosses are considering moving their business operations overseas in the wake of the country's decision to vote in favor of leaving the European Union, a new survey has found.

    The KPMG survey found that while the majority of British business chiefs were confident of both their own company's and the UK's growth prospects over the next three years, 76 percent said they were considering moving their headquarters out of Britain following the June 23 Brexit vote.

    "CEOs are reacting to the prevailing uncertainty with contingency planning," said Simon Collins, KPMG UK chairman.

    ​"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 took into account the opinions of 100 UK chief executives, in control of companies with revenues between US$130 million (£100 million) pounds and US$1.3 billion (£1 billion).

    Concerns Over Post-Brexit Business

    The survey's findings show the increasing concern over Britain's post-Brexit economic landscape, with the UK government yet to announce what type of trade agreement it would like to negotiate with the EU.

    There are concerns among the UK's business community that any attempts to severely restrict EU immigration may lead to the UK being locked out of the European single market, which some critics say could be devastating for the British economy.

    ​UK Prime Minister Theresa May has so far not put a timeline on when to activate Article 50 — the legal process that would ultimately trigger Britain's withdrawal from the EU.

    72 percent of the CEOs in the KPMG study said they had voted to remain in the EU, with the majority of respondents saying certainty over trade terms was their most important post-Brexit concern.

    ​The survey comes as a number of European cities look to entice UK-based businesses to move abroad, with London's financial sector among the most heavily targeted by representatives from cities such as Frankfurt, Paris, and Dublin.

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    Tags:
    business confidence, single market access, trade deal, Brexit, negotiations, Britain's EU referendum, KPMG, Europe, United Kingdom, London
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