According to a new survey from the London Chamber of Commerce and Industry, rising property prices and lingering uncertainty brought about by the Brexit vote are leading some to depart the city of London in favour of alternate business premises elsewhere.

The survey, which was carried out by Comres and incorporated responses from 577 individual businesses, found that rent rises in a city already renowned for its high property costs and business rate rises, as well as the Brexit fallout, have meant that as many as one-in-five London-based businesses have either already relocated or are considering moving to a new location.

Delving deeper into the motivations behind these companies’ departure, the survey revealed that 22% had moved or were planning to relocate because of Britain’s decision to leave to the EU, 21% were doing so because of rent rises, and 19% because of rising business rates.

When it came to moving because of Brexit, the survey shows that 11% of London-based businesses had considered leaving the UK altogether, while 2% had already done so.

Colin Stanbridge, Chief Executive of London Chamber of Commerce and Industry, said of the survey’s results and implications, “What we have is a still unfolding picture of how business are reacting to a number of cost pressures and uncertainties. While this survey found just 2% of businesses had moved business activities out of the UK, perhaps the more worrying factor is that more than one-in-ten have considered it. Unless businesses see serious progress in trade talks, which have already been delayed, it is not unlikely that we could see this figure translate into even bigger losses for London and indeed the UK.”

Sam Bonson

Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor as he continues to expand his horizons.
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