General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNYT: Business leaving Britain - 'Brexit has already happened'
From Tech, Banks, to Retail and Autos, business is canning UK investment and moving to the EU. Britain voted for leave. Theyve got it.
For Many British Businesses, Brexit Has Already Happened
LONDON In the political realm, no one knows how Brexits long-running theater of the absurd will end. But for much of the business world, Britains departure from the European Union has effectively happened. (snip)
Global banks and other financial services companies are steadily shifting thousands of jobs and more than $1 trillion in assets to European cities to ensure that they are able to serve customers across the English Channel regardless of the rules that national regulators impose after Brexit. (snip)
Multinational companies came here with a clear understanding that Britain would offer a stable place to do business in exchange for access to the European Union, said Peter Dixon, a global financial economist at Commerzbank AG in London. The Brits have reneged on that contract. Its destroyed, if you like, the sense that Britain is such a great place to do business. Its a credibility hit. Its a deep wound. (snip)
The big worry is investment, said Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, an industry trade group. Investors are just waiting to see, is it worth continuing to commit to the U.K. automotive industry?
https://www.nytimes.com/2019/04/01/business/british-business-brexit.html
TheBlackAdder
(28,209 posts).
It's ongoing so I can't say more.
Brexit should just be renamed 'Salad Days'
.
OnDoutside
(19,962 posts)My cousin is an employment lawyer in London and 5 of his top 6 clients from the financial sector have already moved to set up advance companies in Paris and Frankfurt.
My wife has completed a tech transfer project to bring drug testing to her pharmaceutical company in Ireland.
I'm in with the chance of a permanent position with an American pharma company which has already moved it's EU operation to Ireland from the UK.
Even if they stay in, there will be lasting damage to the UK economy.
crazytown
(7,277 posts)An in the Commons the fiasco continues.
Blue_Tires
(55,445 posts)A tiny but well-funded and vocal cadre of bigots didn't want to let a bunch of Syrian refugees into the country...