33 Percent of Businesses May Leave After Brexit

309
SHARE
Europe Brexit United Kingdom England Eu Puzzle

Almost 33 percent of businesses could move out of Great Britain following Brexit. According to the Institute of Directors, 16 percent already had plans to move while another 13 percent were actively considering it.

The Netherlands

The Dutch government says that over 250 companies are actively talking to them about moving their headquarters to this country. Two of the largest companies to announce their plans to move to the Netherlands are Sony and Panasonic. CME Group who operates a $240-billion-dollar-a-day short-term capital market says it is moving to Amsterdam and Cboe Global is following them there.

Cyprus

For over 182 years, P & O has operated their cross-channel ferries under Great Britain’s flag. That will no longer be the case. The company has announced plans to start sailing under Cyprus flags.

Germany

Over 30 banks, brokers and other financial institutions are set to move up to $900 billion into Germany in 2019’s first quarter. Several companies have indicated that they have an interest in moving their headquarters to Germany. Among them is Muji department stores. The Japanese fashion retailer who operates 12 stores across the United Kingdom says that they are prepared to move to Germany. JP Morgan is moving over $261.8 billion to Frankfurt.  

Belgium

Lloyd of London has announced that they will move their European Union headquarters to Brussels. This company that was created in England during the 17th century is on track to open their headquarters in Brussels during the first quarter.

Slovakia

Not only are large countries set to benefit from England’s exit from the European Union, but so are smaller countries. One of the largest companies to announce that they are moving operations to Slovakia is Jaguar Land River. This company who has been the largest car manufacturer in Great Britain insists that the move is not politically motivated. They already have a $1.3 billion facility in the country.

Luxembourg

Some companies are choosing to relocate their headquarters to Luxembourg. Among them is RSA Group, who provides insurance in more than 140 countries under a variety of brand names. Other insurance companies are following them including AIG, Liberty Specialty Markets and Hiscox. 

Other manufacturers are stockpiling parts and supplies in case there is no deal allowing the government to delay Brexit. Among these is Bentley who says that they may have to close their Crewe, Cheshire, England plant for a while.