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More UK firms plan to downscale business investment in the event of a no-deal Brexit, the British Chambers of Commerce (BCC) has claimed.

The BCC polled 1,590 businesses of all sizes and sectors and found that 24% would revise investment plans down, while only 4% would scale up.

One in three larger firms with more than 50 employees said they plan to downscale investment and 31% will put recruitment plans on hold.

Around a fifth (18%) of respondents are reportedly preparing to move some or all of their business overseas if Westminster fails to agree a deal with Brussels.

The findings also showed that most businesses are gripped by inertia, with most firms unsure on how to proceed until an agreement is struck.

The UK is currently scheduled to leave the EU on 31 October 2019.

Adam Marshall, director-general of the BCC, said:

"No-deal would have real-world impacts across the UK.

"Many more companies tell us that they would revise recruitment and investment plans downward, rather than up, in the event of a no-deal.

"Our evidence yet again demonstrates the importance of averting a messy and disorderly exit from the EU on 31 October."

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