British companies worry about a hard Brexit | Foreigner

One in three UK companies think leaving the EU is a risk to the company, the Guardian writes. Business leaders are concerned that Parliament has yet to reach an exit deal.

Small British companies plan to move their operations abroad if the UK leaves the European Union without an exit deal.

Almost every third company plans to move at least some of its operations abroad in the event of a hard Brexit. Already every tenth company has established overseas operations.

This was revealed in a survey commissioned by the UK’s Institute of Directors. In the survey, 29% answered that Brexit poses a significant risk to their UK operations.

Large companies, such as Sony and Panasonic, have already moved their headquarters to the continent. The same solutions await smaller companies, too.

This would be a very costly metric for small businesses that usually have fewer resources, Edwin Morgan, director general of the Institute of Directors, tells The Guardian.

On Thursday, UK Prime Minister Theresa May said she had canceled the British Parliament’s February recess because laws around leaving the European Union required consideration.

Britain’s foreign secretary, Jeremy Hunt, also warned that more time was needed and told the BBC that the need depended on how the process progressed in the coming weeks.

According to the current schedule, the UK will leave the European Union on March 29.

Sources: Yle, STT, BBC