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A third of its members consider quitting Brexit ship says IoD

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Project Fear is rapidly becoming numbing business reality with the Institute of Directors reporting that nearly one in three of its members could be forced to shift operations abroad due to Brexit.

A survey of over 1,200 company directors found that 16% had already pressed the button on relocation plans or were planning to in connection with Brexit, while a further 13% are actively considering doing so.

The move is not restricted to big business. While more large companies had already moved operations, small firms were almost twice as likely to be now actively considering the prospect.

Two-thirds of exporters to the EU were looking to relocate overseas, and 4 in 10 IoD members who are engaged with contingency planning have explored moving operations.

Edwin Morgan, Interim Director General of the Institute of Directors, said: "It brings no pleasure to reveal these worrying signs, but we can no more ignore the real consequences of delay and confusion than business leaders can ignore the hard choices that they face in protecting their companies. Change is a necessary and often positive part of doing business, but the unavoidable disruption and increased trade barriers that no-deal would bring are entirely unproductive."

You can find the IoD survey results in full here.

The IoD's findings come in the same week that Carolyn Fairbairn, CBI Director-General, reflected the growing alarm and dismay amongst business leaders at Westminster's handling of Brexit.

Responding to the passing of the Brady Amendment she said: "This is another deeply frustrating day for British business. The never-ending parliamentary process limps on while the economic impact of no deal planning accelerates.

"The Brady amendment feels like a throw-of-the-dice. It won't be worth the paper it is written on if it cannot be negotiated with the EU. Any renegotiation must happen quickly — succeed or fail fast.

"Firms will welcome confirmation that a majority of MPs oppose a no deal outcome. But rejecting a no deal doesn't get a deal. Until MPs can agree a solution, delay will do nothing to lift the threat of an economic cliff edge that is draining money from the UK."

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