Major firms moving out of UK in aftermath of Brexit
A number of major companies have raised the prospect of moving their headquarters out of Britain following the country’s decision to leave the European Union (EU).
British telecommunication giant Vodafone and commercial airliner easyJet are the latest on a growing list of companies that have hinted at a possible move from the UK due to the economic uncertainty that will ensue from leaving the bloc.
In a statement on Tuesday, Vodafone said it may move its headquarters from London in the wake of last week’s shock referendum result where some 52 percent of Britons voted to leave the EU.
Describing Britain’s membership in the union as “an important factor” in its growth, the company noted that outside the EU, bedrock principles such as freedom of movement of people, capital and goods will be undermined.
Vodafone also doubted that Britain, as “one of the world's leading digital economies,” could still access the emerging European digital single market.
“We will continue to evaluate the situation and will take whatever decisions are appropriate in the interests of our customers, shareholders and employees,” the company said.
The vast majority of Vodafone’s 462 million customers and 108,000 employees are based outside the UK and the country only accounts for 11 percent of the company’s revenue. This is while the company earns 55 percent of its income in Europe.
Meanwhile, easyJet’s chief executive Carolyn McCall also indicated that the budget airliner was considering moving its HQ from London’s Luton airport, where the company has been based since its foundation in 1955.
According to her, easyJet is trying to obtain an air operator's certificate in an EU member country as a contingency measure to ensure continued access to the European Common Aviation Area.
In addition to Vodafone and easyJet, credit card company Visa also indicated on Tuesday that it might move hundreds of British jobs outside the UK.
According to reports, the American multinational company has demanded that data from Visa card transaction should remain in the EU. This has prompted German regulators to demand Visa's UK-based data center be shifted to another EU country.
Also on Tuesday, Felix Hufeld, the head of Germany's influential financial regulator Bafin, cast doubt on the upcoming merger of the London Stock Exchange and Deutsche Boerse, saying London may not be a good option for hosting the headquarters of “eurozone's most important” stock exchange.
UK’s Barclays divests from weapons company Elbit, deals new blow to Israel
New British government announces painful first budget
English doctors launch new strike ahead of elections
Jordan sentences former lawmaker for supporting Palestinian resistance
Basij volunteer forces hold massive drills in southwestern Iran
Israeli war criminals 'not welcome', US city says after ICC ruling
US vetoing of Gaza ceasefire resolution ‘disgraceful’: Iran’s UN envoy
VIDEO | IAEA adopts anti-Iran resolution tabled by E3
VIDEO | Iran's president urges Pope to help end Israel's onslaught in Gaza
Iran's senior legal official: ICC arrest warrant for Netanyahu ‘great victory'
Nov. 21: ‘Axis of Resistance’ operations against Israeli occupation
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
