UK’s BCC: ‘no-deal’ Brexit would force number of firms to move to EU – Reuters

According to the British Chamber of Commerce, a hard-Brexit would see major UK firms packing up and moving over to the European continent, which would serve as a harsh economic penalty for the UK, should they decide to undergo a hard separation from the Eurozone.

Key highlights(via Reuters)

As stated by Reuters, the BCC surveyed firms within the UK, and found that one-in-five would move their operations, or at least a portion of their businesses, into the EU following a hard Brexit.

Similarly, another fifth of respondents admitted they would have to cut both investment and hiring.

Nearly two-thirds of businesses polled showed they had not performed a proper risk assessment of the impact of the overall Brexit situation, because firms are still waiting for hard answers from the British government regarding investment spending and future trading conditions before they can do a hard calculation of the costs of Brexit.

“Our evidence is clear – failure to reach a political agreement would have real-world consequences, with significant decreases in both investment and recruitment,” BCC Director General Adam Marshall said. “Government must act urgently and decisively to get a comprehensive deal done.” – Reuters