Brexit and rising costs result in businesses considering move out of London, claims new survey

Brexit, rent rises and business rate rises have caused one in five London-based businesses to either move or consider moving elsewhere in London or out of the capital, according to a new survey.

The survey of more than 500 business by the London Chamber of Commerce and Industry found that some businesses were having to look at relocating to a different part of London, others out of the capital and others out of the UK entirely.

Of those surveyed, 22% were doing so because of the decision to leave the EU, 21% because of rent rises and 19% because of rising business rates.

When it came to making the move because Brexit, the survey found 11% of London businesses have considered leaving the UK, and an additional 2% have already done so.

Colin Stanbridge, chief executive of London Chamber of Commerce and Industry, said: “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.”