Half of City firms have no Brexit escape plan

Half of City firms have no Brexit escape plan

A survey of around 5,000 City professionals found 68 per cent believed the outcome of the Brexit referendum was the wrong decision for the UK.

But Britain’s vote in June to leave the European Union has not prompted anxiety about firms when it comes to their location, according to a survey by Morgan McKinley.

Of the respondents, 48 per cent said there were no plans to move operations, either partially or in their entirety, away from London.

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Of the 31 per cent of respondents that reported their employer was either going ahead with or considering relocating the business, 62 per cent reported they would move, or at least consider it, should their employer offer to relocate them overseas.

A statement by Morgan McKinley said: “This supports fears of a potential brain drain from the City in the event of a hard Brexit.

“Mainland Europe was the overwhelming destination of choice amongst those willing to relocate, with 58 per cent highlighting it as their preference.”

Male respondents were far more likely to accept a transfer to a destination abroad, with 42 per cent responding favourably compared with 36 per cent of females.

The survey did not ask participants which way they voted but 10 per cent indicated they would change their vote if there was a second referendum.

While all age ranges surveyed agreed the vote to leave the EU was not the right decision for the UK, there was decisively more support for remaining among 25 to 44-year-olds (73 per cent) than 45 to 64-year-olds (61 per cent) and 65 to 74-year-olds (51 per cent).