Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The news came one day after rival Land Securities also posted a pre-tax loss of £95 million for the first half of its financial year which also ran to September 30/AFP

Finance

One fifth of British businesses may move operations abroad: survey

Commuters heading into the City of London walk across London Bridge, in front of Tower Bridge, in central London on June 27, 2016/AFP

Commuters heading into the City of London walk across London Bridge, in front of Tower Bridge, in central London on June 27, 2016/AFP

LONDON, United Kingdom, Jun 27 – One fifth of British business leaders are considering moving operations abroad after the country’s shock decision to leave the EU, according to a survey from a leading business lobby group.

The Institute of Directors (IoD), which polled more than a thousand of its members between Friday and Sunday, added one in four planned to freeze recruitment following the surprise referendum result.

Almost two thirds or 64 percent of IoD members think the result is negative for their business, while 23 percent think it is positive. Nine percent say it makes no difference.

“Businesses will be busy working out how they are going to adapt and succeed after the referendum result,” said Simon Walker, IoD director general.

“But we can’t sugar-coat this, many of our members are feeling anxious.

“A majority of business leaders think the vote for Brexit is bad for them, and as a result plans for investment and hiring are being put on hold or scaled back.”

More than a third of IoD members said the referendum vote will cause them to cut investment, against one in 10 who said they will increase investment.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...