Almost two-fifths of US businesses with a UK base would consider relocating to the European Union over Brexit, according to law firm Gowling WLG.

The report ‘Brexit deal or no deal: The implications of Brexit on transatlantic trade’, found that 39.4% of these businesses, and 53.7% of those that export to the EU, would trade in their UK base for an EU location.

Over three quarters of those US businesses exporting to the UK stated that uncertainty over trade relations with the UK had a direct impact on their current investment decisions.

Companies in the financial services sector were reported most likely to consider EU relocation, and two thirds said they would need third-party advice and support in order to deal with Brexit, and 95% of all companies reported the same.

More than half, 54%, of US businesses would bypass the UK and seek to conduct business with the EU as a result of the Brexit vote.

“In the event of a hard Brexit, the UK’s attractiveness to the US for investment  as a gateway to the EU is likely to fall dramatically,” the report said.