KMPG’s poll: after Brexit the heads of most British companies are thinking about transferring operations abroad

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KMPG’s poll: after Brexit the heads of most British companies are thinking about transferring operations abroad
October 07
09:00 2016

According to research results published on Monday, the heads of a number of the UK companies are considering the issue of transferring operations abroad after the citizens voted for the withdrawal from the European Union. The audit company KPMG has conducted a survey among the heads of 100 UK companies with a revenue range between 100 million and 1 billion pounds ($ 130 million- $ 1.30 billion). The results showed that 86 percent of executives did not doubt the growth prospects of their companies. 69 percent believe that the British economy will continue to grow in the next three years. However, 76 percent said they were likely to move the headquarters or operations outside the United Kingdom’s borders because of the referendum results.

Simon Collins, UK chairman of KPMG, said: “More than half (of respondents) believe that the ability of the United Kingdom to do business will be undermined after Brexit, so for many CEOs it is important to provide a variety of scenarios to protect themselves against disruptions in the future.” Brexit has raised concerns about the future economic and trade relations between the United Kingdom and the EU. Next year Theresa May, Prime Minister of the country, is planning to launch the ambit of Article 50. This will begin a two-year process of separation the UK and the European Union, said May’s assistants. According to a report from KPMG, 72 percent of surveyed executives voted for Britain to remain in the European Union.

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