City directors feel unable to plan for Brexit

 
Helen Cahill
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Firms are likely to trigger contingency plans in the first quarter of next year (Source: Getty)

Close to half of all directors feel unable to plan for the UK’s exit from the European Union, according to research released today, and finance bosses feel the most in the dark about their future.

A survey by the Institute of Directors (IoD) has found 46 per cent of its members do not feel confident about planning for Brexit, a proportion which rises to 57 per cent for those working in the financial sector.

Read more: A manifesto for the City of London’s future

Fewer than one in ten (eight per cent) of the 900 members surveyed by the IoD said they had already kick-started their contingency plans.

However, just over a fifth (22 per cent) reported they may have to transfer some part of their operations to the EU.

Allie Renison, head of EU and trade policy at the IoD, said: “British companies have huge potential to grow their exports and seize opportunities in new markets across the world, but a smooth Brexit is essential to paving the way towards this goal.”

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