One in three companies in Britain believes that leaving the EU poses a risk to their business, the Guardian reports. Business leaders are concerned that parliament has yet to approve the withdrawal agreement.
Small British businesses are planning to move operations abroad if the UK leaves the EU without a withdrawal agreement.
Almost every third company plans to move at least part of its operations abroad in the event of Brexit, and every tenth company has already set up operations abroad.
This was revealed in a survey conducted by the Institute of Directors in Great Britain. In the survey, 29% responded that Brexit poses a major risk to their businesses in Great Britain.
Major companies such as Sony and Panasonic have already moved their headquarters to the continent. The same solutions await smaller companies as well.
“This would be a very costly move for smaller companies, which typically have fewer resources,” Edwin Morgan, director general of the Institute of Directors, told the Guardian.
British Prime Minister Theresa May said on Thursday that she had cancelled the February recess of the British parliament because the laws related to leaving the European Union required consideration.
British Foreign Secretary Jeremy Hunt also warned that additional time was needed, telling the BBC that the need depended on how the process progressed over the next few weeks.
According to the current schedule, the UK is scheduled to leave the EU on March 29.
Sources: Yale, STT, BBC
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