Another of UK firms may now move abroad due to Brexit
Industry bosses have warned that a third of British businesses are thinking of relocating abroad.
The latest figures in the Institute of Directors (IOD) warn 16% of companies have previously started the move, and 13% have now started actively planning it.
The IOD surveyed 1,200 owners as well as in shocking news for that British economy and UK jobs found only 62% confirmed that they have no aim of establishing away from UK.
This is a shocking vote of no confidence in Theresa May's government having the ability to negotiate stability and the trading relationships the country's economy depends on.
69% of companies making a move confirmed it had been to another EU state.
“We still have an opportunity to stem the flow, and provide enough certainty towards the businesses that are thinking about moving but have not yet done this,” said the IOD's Interim Director General Edwin Morgan.
“The UK's hard-won reputation as a stable, predictable environment for enterprise is being chipped away.”
He warned: “We are able to forget about disregard the real consequences of delay and confusion than business leaders can ignore the hard choices they face in protecting their companies.
“Change is a necessary and frequently positive a part of conducting business, however the unavoidable disruption and increased trade barriers that no-deal would bring are entirely unproductive.”
The devastating news comes after on Wednesday it emerged in court that Barclays bank is transferring lb166 billion in assets from the UK and boosting its Dublin staff by hundreds, a lot of whom will be transferred from London.
The drastic move is set to occur by the date the united kingdom is a result of leave the EU on 29 March and is to safeguard the bank from the no deal Brexit.
The bank joins other banks preparing for Brexit by moving jobs abroad including HSBC which is relocating as much as 1,000 jobs to France and Goldman Sachs which is set to maneuver hundreds of jobs to Frankfurt.
James Dyson was recently accused of “staggering hypocrisy” after it was says the vocal supporter of Brexit was moving his vacuum cleaner and tech firm to Singapore.
Easyjet set up a new company in Austria to protect its business post-Brexit and cross-channel ferry company P&O would be to fly a Cypriot flag.
Big brands for example Sony and Muji have moved European headquarters out of the UK and car manufacturers have warned from the drastic consequences of the chaotic Brexit.
Toyota tasks are at risk with its Deeside and Burnaston factories on “stop-start” production in the event of a no deal Brexit, the company warning it would imperil lb10m of car production each day.
Honda is halting production in April in case of a no deal Brexit and Bentley have warned that Brexit is really a “killer” for car production as they stockpile parts.
Even Lloyds based in london insurance giant have warned it is “madness” to assume they will stay in the UK as they prepare for a move to Brussels.
Last week Tom Enders, the main Executive of Airbus which directly employs 14,000 Brits across 25 sites, and supports a further 110,000 UK jobs, branded the government's handling of Brexit a “disgrace” and warned the aerospace giant may be forced to take out from the UK when the country crashes out of the EU without a deal.
He added: “Please don't listen to the Brexiteers' madness, which asserts that because we have huge plants here we will not move and we will always be here. They are wrong.”
In a shockingly racist response Tory MP Mark Francois branded in charge of the aerospace giant “Teutonic” and ripped up his warning on television.
It remains seen if Francois, the Conservative MP for Rayleigh and Wickford will respond to the British bosses in the Institute of Directors with such arrogance…
