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LONDON (Reuters) – One in five British companies will move at least part of its operations to the European Union in the case of Brexit "without an agreement," according to a survey on Friday.
The financial district of Canary Wharf is visible at dusk in London, Great Britain, on November 17, 2017. Photo taken on November 17, 2017. REUTERS / Toby Melville
A similar proportion said they would cut investment and jobs, said the British Chambers of Commerce (BCC).
Six months before the departure of Great Britain, London and Brussels remain stuck on the terms of their separation.
"Our evidence is clear: the lack of political agreement would have real consequences, with significant cuts in investment and recruitment," said BCC chief executive Adam Marshall.
"The government must act urgently and decisively to obtain a comprehensive agreement."
The BCC investigation was conducted before European leaders last week rejected British Brexit proposals.
According to a Reuters survey of economists earlier this month, the probability of a Brexit without a transaction is one in four.
Most economists believe that the UK economy would be seriously disrupted by such a result. A small minority said that Britain would prosper if it did not respect the terms of the World Trade Organization for its trade with the EU.
The BCC survey also showed that 62% of participating companies had not conducted a risk assessment related to the impact of Brexit.
"Businesses still do not have a government response to the most fundamental questions about future business conditions," Marshall said.
The BCC and commercial lender Bibby Financial Services surveyed 2,530 companies between August 1 and August 21.
