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World

Poll finds UK business may move post-Brexit

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Opening sequence

World

Poll finds UK business may move post-Brexit

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COMING UP:Poll finds UK business may move post-Brexit

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Transcript

00:00:00
>> We could be about to see a great British business exodus. Three-quarters of UK company bosses are considering moving operations abroad. The KPMG findings polled 100 UK Chief Executives. 76% said they were considering leaving the UK following Britain's Brexit vote. Reuters Bill Schomberg in London, says it's a reaction to the unknown.
00:00:22
>> Well, there is a lot of uncertainty thrown up by the referendum results. Executives don't know how much access they're gonna get to the single market going forward. And they also just don't know how easy it will be to hire workers from other countries in the EU going forward as well.
00:00:36
And this is quite an important factor for many companies. So, they are getting their Plan Bs ready, whether they actually implement them or not is another question.>> And it's not the only warning sign on the Horizon. 100,000 jobs could be at risk from Brexit according to the boss of London Stock Exchange.
00:00:54
Xavier Rolet saying, if London loses its ability to process Euro dominated transactions, jobs would follow. And a survey published monday on the financial services sector poses further foreboding. Confidence is supposedly at its lowest point since the financial crisis.>> Financial services rely on something called passporting which allows them to do business in the EU.
00:01:18
And once the country is outside the EU, it's not at all clear what kind of access they would get to the single market. It's a hugely important since if the UK accounts like about 10% of GDP.>> Now, British business has to hold its breath. A clearer picture of what Brexit will mean isn't expected until at least at late 2017.
00:01:37
In the meantime, expect to hear more Plan Bs.