Nearly 1 in 3 Britain companies eye relocation due to lack of Brexit deal

Feb. 1 (UPI) -- A lobby group said Friday nearly 30 percent of its members have or are planning to relocate operations over Britain's departure from the European Union.

The Institute of Directors said 29 percent of 1,200 members fall in that category if Britain cannot negotiate a deal with the European Union before it leaves next month.

"It brings no pleasure to reveal these worrying signs, but we can no more ignore the real consequences of delay and confusion than business leaders can ignore the hard choices that they face in protecting their companies," Institute of Directors interim Director-General Edwin Morgan said in a statement.

"Change is a necessary and often positive part of doing business, but the unavoidable disruption and increased trade barriers that no deal would bring are entirely unproductive."

The Society of Motor Manufacturers and Traders said Thursday investment by the British auto industry was cut in half in 2018 because of anxiety over the EU exit.

The High Court of Justice has also cleared Barclays to shift $209 billion in clients' assets to Ireland ahead of the expected March 29 departure.

British Prime Minister Theresa May has failed to secure an exit agreement with lawmakers, leading some to worry whether the departure will occur with or without a deal.

Last week, Airbus chief executive Tom Enders said the French aerospace giant could leave its British plants if a deal isn't reached, jeopardizing 14,000 jobs and 110,000 support positions.

"The U.K.'s hard-won reputation as a stable, predictable environment for enterprise is being chipped away," Morgan said. "Our political leaders must keep this in the front of their minds as we enter this critical phase of negotiations."