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.
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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.
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By GlobalData
