Brexit 10 years on: Young businesses are building a presence in Asia but Europe remains the key destination for emerging multinationals

London, 24 June 2026 – Ten years after the historic Brexit vote, the landscape for emerging UK multinationals has undergone a dramatic shift, according to new data from Howden, in collaboration with Beauhurst.

While a new generation of agile, young businesses is successfully breaking into Asian markets, Europe remains the undisputed powerhouse for British businesses expanding abroad. At this time, Howden’s research warns that expanding businesses will need to be wary of local labour laws and regulations, otherwise they risk being caught out which could have a significant impact on business.

This presents a new reality for UK companies navigating the post-Brexit global economy:

• Europe still dominates (But a potential ‘duty to employees’ crisis looms): Proximity continues to trump political friction. Europe overwhelmingly dominates abroad destinations for UK businesses with 84.8k operations. However, more than four in five (84%) of these smaller operations are SMEs; who are likely to be more vulnerable to mounting European compliance costs.
• The rise of global startups in Asia: Asia now hosts 17.3k UK multinational operations- 15% of which are under five years old. Despite higher barriers to entry, Asia has become a premier testing ground for ambitious young multinationals looking beyond traditional borders.
• The Pacific’s retail pivot: Breaking the global trend where digital and technologies lead expansion, the Pacific region stands out as the sole territory where online retailing and clothing form the most common outbound UK industries.
• Northern Ireland is an emerging outlier: While most regions have pulled back 5-8% since the 2023 peak, Northern Ireland outbound incorporations have declined 2.3% and grown its share of total active outbound companies, potentially reflecting the advantages of its dual UK-EU market access post-Brexit.