Survey: Most firms consider relocating head offices after Brexit

Chief executives of most international firms based in Britain are considering moving their head offices or part of their operations elsewhere following the country's vote to leave the European Union, consultants KPMG said on Monday.

About three-quarters of the 100 chief executives interviewed by KPMG said they would consider moving from Britain to maintain trade links with the European Union.

But the vote for Brexit in a June 23 referendum "hasn't dampened the short or long term confidence of UK CEOs" even though 72 per cent of them voted to remain in the EU, KPMG said.

The survey included companies with annual sales of more than 100 million pounds (130 million dollars) and at least 500 employees.

"Our research has highlighted a really positive message for the UK economy," said Simon Collins, the chairman of KPMG UK.

"However, this confidence isn't unbridled," Collins said. "CEOs are reacting to the prevailing uncertainty with contingency planning. In particular, the majority said they are considering relocating their headquarters or operations outside the UK."

Collins said KPMG had recently seen "international clients who had been considering basing European headquarters in the UK, opt for Ireland instead."

"Our latest analysis shows that this effect could be exaggerated by UK companies moving," he said.

Last update: Mon, 26/09/2016 - 17:31
Author: 

More from Business

Financial leaders in Davos optimistic about US, but see trade risk

The US economy will likely profit from the planned policies of its new president, as long as Donald Trump does not...

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European...

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across...

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that...

General Motors announces 1-billion-dollar investment in US workforce

General Motors will join other carmakers in opting to invest and hire inside the United States, the company...