UK firms plan mass exodus over no-deal Brexit
The development comes before a crucial week in Parliament, in which MPs will try to wrest control from Prime Minister Theresa May's government in order to delay Brexit and avoid a no-deal outcome.
![UK firms plan mass exodus over no-deal Brexit UK firms plan mass exodus over no-deal Brexit](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2019/01/27/70742-european-union-reuters.jpg?itok=CxaFO2Mw&c=1c1757ebaccf284c9d710e9c423021a1)
In order to cope with a no-deal Brexit, thousands of British companies are gearing up to move operations abroad if the UK crashes out of the European Union, the media reported.
The British Chambers of Commerce said on Saturday that it believed the companies that had already gone ahead with their plans represented the "tip of the iceberg" and that many of its 75,000 members were already spending vital funds to prepare for a disorderly exit, reports the Guardian.
The development comes before a crucial week in Parliament, in which MPs will try to wrest control from Prime Minister Theresa May's government in order to delay Brexit and avoid a no-deal outcome.
The BCC said that in recent days alone, it had been told that 35 firms had activated plans to move operations out of the UK, or were stockpiling goods to combat the worst effects of Brexit.
Matt Griffith, director of policy at BCC, said that many more companies had acted to protect themselves since May's Brexit deal was decisively rejected by MPs in the Commons earlier this month.
"Since the defeat for the Prime Minister's deal, we have seen a sharp increase in companies taking actions to try and protect themselves from the worst effects of a no-deal Brexit. No deal has gone from being one of several possible scenarios to a firm date in the diary."
Last week some of the UK's largest employers -- including Airbus, Europe's largest aerospace manufacturer, which employs 14,000 people in the UK and supports another 110,000 through supply chains -- warned of potentially disastrous effects of no deal on its UK activities.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
04:07 PM IST