UK's BCC: 'no-deal' Brexit would force number of firms to move to EU - Reuters
|According to the British Chamber of Commerce, a hard-Brexit would see major UK firms packing up and moving over to the European continent, which would serve as a harsh economic penalty for the UK, should they decide to undergo a hard separation from the Eurozone.
Key highlights(via Reuters)
As stated by Reuters, the BCC surveyed firms within the UK, and found that one-in-five would move their operations, or at least a portion of their businesses, into the EU following a hard Brexit.
Similarly, another fifth of respondents admitted they would have to cut both investment and hiring.
Nearly two-thirds of businesses polled showed they had not performed a proper risk assessment of the impact of the overall Brexit situation, because firms are still waiting for hard answers from the British government regarding investment spending and future trading conditions before they can do a hard calculation of the costs of Brexit.
"Our evidence is clear - failure to reach a political agreement would have real-world consequences, with significant decreases in both investment and recruitment," BCC Director General Adam Marshall said. "Government must act urgently and decisively to get a comprehensive deal done." - Reuters
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.