Hundreds Of UK Firms Plan To Relocate In Europe After Brexit Chaos

Hundreds Of UK Firms Plan To Relocate In Europe After Brexit Chaos. image: Pixabay

Hundreds Of UK Firms Plan To Relocate In Europe After Brexit Chaos.

Hundreds of UK companies are seriously thinking of switching operations to countries inside the EU in what is threatening to become a dramatic exodus of investment and jobs caused by Brexit.

It has been discovered that by January 1 this year that some 500 businesses – mostly UK-owned, or UK-based with overseas owners – were already busy making inquiries about setting up branches, depots or warehouses in the Netherlands alone, for “Brexit-related reasons”.

Since then the number of inquiries from UK companies has snowballed. If companies switch all or parts of their operations to Europe it will mean the loss of jobs, economic activity and tax revenue at home.

The figures have been compiled by government unit The Netherlands Foreign Investment Agency, which said that while most of the firms were already based in the UK, a minority were new companies from the US and Asia which had investigated a UK move but had then decided against investing here because of the Brexit fiasco.

Lyne Biewinga, of the Netherlands British Chamber of Commerce, said she and her team had been working “night and day” on inquiries from UK companies in recent weeks. Austria’s economic affairs minister, Margarete Schramböck, also said inquiries from UK companies about moving to her country – which had been high for several years – had increased threefold since 1 January.

 


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Written by

Tony Winterburn

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