Nearly a Third of UK Companies Moving for Brexit or Actively Considering it

While the EU and British parliaments are still in limbo over a Brexit deal, UK companies are making up their mind about staying or going. Nearly a third of British companies plan to move at least part of their business abroad because of Brexit or are actively considering it, according to a report by the Institute of Directors. The British lobbying group surveyed 1,200 of the 30,000 firms it represents for the report.

Companies with a focus on importing and exporting goods and services were more likely to answer that they were relocating because of Brexit. Companies that were moving were most likely to set up an office inside the EU, according to reporting by the Guardian. The IOD said that while some larger firms, notably Sony and Panasonic, had already moved headquarters to the EU, smaller companies were now following suit.

The IOD said it took “no pleasure” in reporting its findings.