Business

Majority of London firms have not prepared for Brexit, study suggests

Three out of four businesses in London have not yet made any provisions preparing for possible effects of Brexit

THREE out of four businesses in London have not yet made any provisions preparing for possible effects of Brexit, a survey suggests.

Research by the London Chamber of Commerce indicated around one in 10 firms in the capital were planning to or had moved EU investment to other countries.

A survey of more than 500 companies indicated 8 per cent had started planning for staffing changes as a result of leaving the EU, including relocating workers.

Three out of four of those questioned said they had not made any preparations for dealing with Brexit, although one in 10 had discussed contract alterations.

The survey was conducted ahead of a 'Brexit summit' between London and Berlin Chambers of Commerce in London on Tuesday.

Colin Stanbridge, the chamber's chief executive said: "With Parliament due to consider the Withdrawal Agreement, member businesses of London Chamber and Berlin Chamber have been waiting for clarity and certainty on the potential terms of trade in future years.

"MPs should take note of our new polling in their pre-vote deliberations. The need for certainty is absolutely critical for firms, whether in Britain or Germany."

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