Twenty-nine percent of UK companies are either considering moving their operations abroad or are already implementing relocation plans due to the looming UK withdrawal from the European Union, a fresh survey made by the Institute of Directors (IoD) lobby group showed Thursday, according to The Guardian.
The survey was conducted among 1,200 members of the IoD, which represents around 30,000 firms.
Similarly, UK Chancellor of the Exchequer, Philip Hammond, suggested Wednesday that the scale of cooperation between UK financial service companies and EU businesses will be declining after Brexit with the UK companies eventually boosting their activities in fast-growing economies outside the bloc.
The United Kingdom is set to leave the European Union in late March. The two sides have reached a withdrawal deal. However, it has not yet been approved by the UK lawmakers, prompting fears of a no-deal Brexit both in Brussels and in London.