The Netherlands was named the favourite country in which to settle in a survey of companies considering moving their activities out of Britain, the Financieele Dagblad said on Wednesday.

Brexit has made Britain less attractive for new investment by foreign companies, the paper said.

The popularity of the Netherlands was seen in nearly all sectors, according to the report by accountancy group KPMG. The main exception was the banking and related sectors which opted for Ireland and Germany as an alternative to London. Luxembourg was favoured by private equity firms.

Banks and other financial institutions are steering clear of the Netherlands due to its cap on bonuses, the paper said. While bonuses of up to 100% of annual salary are permitted throughout the EU, the Netherlands imposed a maximum of 20% for bonuses in the financial sector, although this does not apply to foreign firms.