Seventy-five percent of British bosses are debating whether to shuffle their companies out of the country. That’s according to a survey of 100 U.K. chief executives, published by KPMG today (Sept. 26).
This comes after the June 23 “Brexit” vote, stirring uncertainty.
Eighty-six percent of the companies surveyed, each with revenues between £100 million and £1 billion ($130 million–$1.30 billion), said they were confident about their business growth prospects, but less than 70 percent were confident about the country’s economic growth over the next few years.
KPMG U.K. Chairman Simon Collins said he’s noticed that many CEOs are reacting to this uncertainty with a plan of contingency.
“Over half believe the U.K.’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,” said Collins recently.
It’s important to note that, according to KPMG, 72 percent of the surveyed CEOS said they voted to continue with the EU.
This is perhaps a tenuous predicament, given that the consumer side of British banking could soon find itself hard hit by the Brexit. That’s according to a new confidential industry report. To head off some of the most detrimental outcomes, the British Bankers’ Association suggests government officials negotiate new market access arrangements in a bilateral agreement with the EU.
Already, the Brexit vote has taken a toll on the British currency, pulling the sterling down to an illustrious five-week low close against the American dollar. Some experts say the Brits will evade a recession, however, despite some concerns.