Baker & McKenzie Survey: Half of EU business leaders cut UK investment over Brexit

The survey conducted by law firm Baker & McKenzie showed that Britain’s exit from the European Union (EU) has led nearly half of big companies from the rest of the bloc to cut investment in the country, Reuters reports.

Key Findings:

“The survey found that three-quarters of bosses wanted Brussels to make concessions to Britain to secure a better trading relationship after it leaves the EU in early 2019.

Asked whether punishing Britain for leaving the EU or continuing to trade on preferential terms was more important, 96 percent of respondents to the survey said the trade was more important than teaching London a lesson for Brexit.

There was also a majority view that business leaders had not been properly consulted, or their views taken into account, by the EU negotiating team as it tries to hammer out a post-Brexit trade deal.

Two-thirds of respondents said they wanted a free-trade deal while 45 percent were in favor of a customs union, Baker & McKenzie said.”