News | Legal News

27 September 2016

Contingency planning as bosses consider HQ shift abroad after EU vote

Over three quarters of chief executives in the UK are thinking about shifting operations or headquarters abroad following the Brexit vote, a report reveals.

Research by global auditors KPMG finds 76% of bosses are considering making the move in order to maintain trade links with the European common market.

However, 69% say they are confident about the UK's growth prospects over the next year, with 73% expecting their own company to expand.

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

"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 includes responses from company bosses in charge of firms with revenues of between £100 million and £1 billion.

"Policymakers should be really concerned about a leaching of British business abroad and should engage with business early to understand what assurances they can offer and closely monitor any shifts overseas," Mr Collins added.

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