The U.K. dropped out of businesses' top five locations for investments for the first time in seven years as fears about the country's plans to exit the European Union added complexity to international deals, consultants Ernst & Young said in a survey of executives.

British businesses rank behind investments in the U.S., China, Germany, Canada and France, which make up the top destinations for deals activity, EY said Monday in its Global Capital Confidence Barometer report, which is based on a survey of more than 1,700 executives in 45 countries in August and September.

Business leaders are concerned about geopolitical issues, such as the rise of nationalist governments worldwide and currency fluctuations, that make cross-border mergers and acquisitions more difficult, EY said. On top of the U.K.'s Brexit vote in June, uncertainty around the U.S. interest rate and upcoming elections in a number of countries added to perceived risks to deals.