Here are the countries British businesses are most likely to move to post-Brexit

France is the number one pick for British companies looking to relocate some or all of their business overseas, according to a survey of employers released on Monday.

CIPD and recruiter Adecco’s August Labour Market report shows most employers — 74% — have no plans to relocate after British’s shock decision to leave the European Union.

But of those that do, some 99 out of 618 respondents, 20% name France as the most likely destination. Germany comes in second, with 16% plumping for there.

Here are the top destinations:

The survey does not break out which companies are considering relocating or even which industries they are in. However, it does say that private sector companies are more likely to consider relocation than public sector or voluntary sector ones, which you would expect.

Several large corporations have made noises about relocating some or all of their UK staff overseas in the wake of the Brexit vote. Vodafone and easyJet have both said they are considering relocating their headquarters elsewhere.

JPMorgan has repeatedly said it may have to move thousands of jobs while Goldman Sachs has also said it expects banks to move roles overseas. A leaked Deutsche Bank briefing obtained by Business Insider also shows it thinks banks are likely to move to places like Ireland, France, Germany, and Luxembourg.

In total, the CIPD and Adecco survey found nearly one in six employers is considering either relocating or cutting back on overseas expansion as a result of Brexit.

The report says:

“We cannot conclude for certain that there will be a net loss of business to the UK from relocation because we do not know if there will be an increase in foreign investment into the UK post-Brexit. It seems likely that the UK will experience some increase in net investment outflows as a result of Brexit in the short to medium term.

“The impact of deciding to expand in the UK rather than overseas is more ambiguous. While it has the advantage of boosting domestic UK investment and employment, it may be sub-optimal in terms of business development. In other words, some businesses may be investing in the UK not because it is the ideal location for their business needs, but because an overseas location has now become too risky.”

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