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Brexit Survey: “No Plans to Relocate the Business”, Say 48% of City Professionals

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In November, Morgan McKinley surveyed a working population of circa 5,000 to offer their thoughts on the June 2016 referendum. The audience consisted of those working in the UK within the Banking and Financial Services (39%), Professional Services (36%) and Commerce and Industry (25%) sectors.

It seems that despite the overwhelming majority (68%) of City professionals believing that the outcome of the referendum was the wrong decision for the UK, the mass speculation surrounding firms relocating their operations doesn’t seem to have caused anxiety on the shop floor.

Of the circa 5,000 professionals surveyed, a staggering 48% categorically stated that there were no plans to move operations, either partially or in their entirety, away from London. Of course, plans may not have been communicated to the work force at this point, especially when you consider that back in September KPMG found that 76% of CEOs were mulling over some form of relocation.

Of the 31% of respondents that reported their employer was either going ahead with or considering relocating the business, 62% reported that they would move, or at least consider it, should their employer offer to relocate them overseas. This supports fears of a potential brain drain from the city in the event of a hard Brexit. Mainland Europe was the overwhelming destination of choice amongst those willing to relocate, with 58% highlighting it as their preference.

Other highlights:

  • Whilst we did not explicitly ask participants which way they voted in the referendum, of the 68% that stated ‘the result has not been the right decision’ for the UK, 10% indicated that they would change their vote if there was a second referendum.
  • Male respondents were far more likely to accept a transfer to a destination abroad, with 42% responding favourably compared to 36% of females.
  • Whilst all age ranges surveyed agreed that the vote to leave the EU was not the right decision for the UK, there was decisively more support for remaining among 25-44 year olds (73%) than 45-64 year olds (61%) and 65-74 year olds (51%)
  • 63% of respondents stated that family commitments as the main reason why they wouldn’t consider a move, while 24% were concerned about language restrictions.

Download the full report:  Morgan McKinley Brexit Survey Report (November 2016).pdf