Global professional services recruiter Morgan McKinley carried out its 2018 Brexit Survey, in which it asked over 7,000 professionals about the impact of Brexit on the UK working population.

A survey of professionals working in sectors such as banking and finance in the UK finds that about half of their companies haven't yet adjusted or are planning for any uncertainties around Brexit.

Global professional services recruiter Morgan McKinley asked more than 7,000 professionals from sectors such as banking and financial services, professional services, commerce and industry, public sector, retail and construction, about the impact of Brexit on the UK working population.

Of all sectors, banking and finance had more contingency plans for Brexit (38 per cent), such as relocating parts of the business or hiring people. It also found only 30 per cent of professionals knew that their organisations have been making plans to relocate to other jurisdictions.

Relocation sentiments
There was some negativity surrounding relocating to other areas across Europe, as 41 per cent of respondents saying they would not move abroad, with another 22 per cent saying they were unsure. 

Only 37 per cent claimed they would move, with the US and Dublin ranking highest overall (18 per cent each) and a proportion of respondents favouring relocating within the UK. 

In contrast to the sentiment from institutions, only eight per cent of respondents selected Frankfurt, and nine per cent selected Paris.  

Debate continues on what sort of Brexit deal the UK arrives at, or whether it chooses to quit the bloc's customs union entirely and rely on international terms set by the World Trade Organisation. Some organisations have already shuffled their business locations to cope with the risk the UK might face higher trade barriers outside the EU. For example, this publication recently reported on Bank of America’s European move to Dublin. However it seems not many individuals are keen if their firms decide to move from London.

Confidence
Uncertainty about what the government - which has a slender majority in the House of Commons - has led professionals query whether Prime Minister Theresa May and her cabinet obtain a favourable trade deal. Some 87 per cent of respondents have little or no confidence that the government will deliver a Brexit that is beneficial. 

As a result, professionals from other jurisdictions are already leaving the UK to return to their home nations. One respondent of the survey said: “I have accepted a job in the continent to skip uncertainty and avoid facing recession in the UK. I want to be part of the first wave of Brexodus to be able to pick the best opportunity in the continent where the EU economy is growing.”

Hakan Enver, managing director at Morgan McKinley, said: “Time being a healer doesn’t necessarily apply when reviewing the findings of our most recent Brexit survey. There still exists an overwhelming feeling of disappointment coming from UK working professionals and it appears to stem from either the original decision to leave the EU, or through the general lack of clarity around what the future landscape will look like. Opinions are as mixed as they have always been which causes further anxiety amongst many. There is no doubt EU citizens are leaving the UK to head back to home nations, which in turn threatens to damage the UK's reputation in sectors such as technology and financial services. ”