Color me totally totally skeptical on this Bloomberg report: Brexit Leads Three-Quarters of Britain’s CEOs to Consider Moving.
The U.K.’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm KPMG.
Some 72 percent of the CEOs surveyed said they voted “Remain” in the June 23 Brexit referendum , KPMG said on Monday in an e-mailed statement. While 69 percent said they’re confident Britain’s economy will continue to grow over the next year, and 73 percent expressed confidence their companies will grow, 76 percent are mulling some form of relocation.
“CEOs are reacting to the prevailing uncertainty with contingency planning,” KPMG U.K. Chairman Simon Collins said in a statement. “Over half believe the U.K.’s ability to do business will be disrupted once we Brexit and therefore, for many CEOs, it is important that they plan different scenarios to hedge against future disruption.”
The survey suggests Prime Minister Theresa May has work to do to retain businesses and jobs as the U.K. seeks a deal with the EU that curbs immigration while retaining the closest trading ties possible with the bloc’s 27 other members. Before the referendum, the then-Chancellor of the Exchequer George Osborne said a vote to leave would endanger as many as 820,000 jobs.
Blatant Fearmongering Again
Talk of leaving is nothing more than blatant fearmongering.
The instant recession idea died immediately, so now CEOs are hoping to influence UK prime minister Theresa May into scrapping the vote.
However, it it pretty obvious Theresa May has every intention of letting Brexit happen. Thus, this renewed fearmongering is totally counterproductive.
The CEOs would be better served by getting behind the movement to get the best deal they can. Talk of leaving plays into the EU’s hands.
Regardless, where the hell are the businesses going? France? Somewhere else in the EU with inane corporate taxes and countless nannycrat rules? Please be serious.
Mike “Mish” Shedlock