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Distributors eyeing relocation post Brexit

28 July 2016

The majority of product providers would leave London if the UK loses its EU passporting rights, a survey has revealed.The study, by property data provider DealX, found that of the 97 firms asked, 56.8% admitted they would be forced to relocate some of their London-based operations in this scenario.The amount of the London-based operations that would be moved varies between companies, but 24% said they would move 60-100%. However, 35% said they would move no staff abroad.While negotiations between the government and the EU have yet to begin, 36% of respondents who said they would look to relocate admitted they have already been pre-emptively planning for such a move.Dublin was the favourite potential destination with a preference score of 5.3 out of 6. With the SNP pushing for a second Scottish independence referendum and remaining in the EU, Edinburgh score 4 ahead of Luxembourg on 3.7 and Frankfurt on 3.6.However, 70% of the respondents are confident the UK will retain access to the single market.Source

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