Brexit impact: Most CEOs in UK are considering shifting operations abroad, finds KPMG survey
As many as 72% of them had voted for Britain to remain in the EU.
More than three fourths of the heads of companies Britain are considering moving base abroad as a result of the Brexit vote, a survey by auditing company KPMG found. As many as 76% of the chief executive officers voted for shifting either their entire operations or their headquarters outside the United Kingdom, Reuters reported.
KPMG surveyed 100 chief executives from companies in the United Kingdom that have revenues between £100 million (around Rs 870 crore) and £1 billion (approximately Rs 8700 crore). According to the study, 86% of them are confident about the growth prospects of their firm, while 69% have an optimistic outlook about the growth of the British economy over the next three years. Also, 72% of these CEOs had voted for the UK to remain in the European Union, KPMG said.
KPMG Chairman UK Simon Collins said company chiefs were coming up with contingency plans in the wake of uncertainty over the UK-EU divorce. "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," Collins added.
Britain's currency had dropped to its lowest since 1985 after the result was declared, and the sterling continues to face the impact of the referendum. Britain had voted 52% to 48% to exit the EU.