Belfast Telegraph

One in three firms 'looking to part-relocate overseas amid Brexit uncertainty'

One in three firms are looking to partially relocate some of their business overseas because of uncertainty caused by Brexit, a new study has revealed.

Research by finance firm KPMG found that two thirds of companies had no plans to move, while two out of five were undeterred by the referendum vote and do not believe it will make it harder to recruit staff.

A survey of more than 200 senior staff in manufacturing firms showed that most believed financial support from the Government was needed to help them increase investment in new technology.

Karen Briggs, head of Brexit at KPMG, said: "When our survey was carried out in January, two thirds of respondents expected uncertainty around Brexit. However Britain's makers are an especially resolute group.

"Although some are concerned about exchange rates, labour pressures and higher indirect taxation, they are also taking a range of practical measures to prepare.

"These include partial relocation, supply chain management, increased business development, and new sources of financing.

"UK manufacturers realise that Brexit will demand a burst of innovation from both the private and public sectors if the UK is really going to reach new global markets and deliver on its potential."