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Casualties of Brexit since the Referendum

September 25, 2019 7:30 PM

Casualties of Brexit

(Extracted from an article on the metro.co.uk (see also link at the end of document)

According to the Tory Government, Brexit will have a positive effect on our country's future and economy. Furthermore we are continually being told that there have not been the predicted City of LondonCC-BY-SA-4.0 by Theregan (CC-BY-SA-4.0 Theregan Creative Commons CC0 License)negative impacts since the 2016 Referendum.

(Julian Lewis MP, Q to Michael Gove 25/9).

Putting aside the 16% reduction in the value of the pound since 2016 why are such household names below getting out of UK for Europe and other destinations?

A number of companies have and are warning about the impacts of Brexit uncertainty. The following list of those who have either gone bust or moved abroad since the vote underlines the warnings dismissed by the Brexit Government and Brexiteers are real:

Dyson Ahead of Britain's departure from the EU: the chairman of Dyson announced that his firm would move its headquarters to Singapore. Sir James Dyson was accused of hypocrisy, having been an ardent supporter of Brexit. Sir James Dyson announced that his firm would move its headquarters to Singapore.

Honda ADVERTISING: The car giant announced the closure of its Swindon plant in May. It said that by 2021, it would be getting rid of 3,500 jobs. Although the company said the closure had nothing to do with Brexit, for months it had warned of the dangers of a disorderly exit. Honda will be cutting 3,500 jobs by 2021.

Ford: The head of Ford Europe, has warned that 'no-deal Brexit' would be a catastrophe for its business. Steven Armstrong said the motor giant would have to look at its 'manufacturing footprint in the UK' as a result of the decision to leave the EU. The company has already closed its plant at Bridgend, which resulted in 1,700 job losses.

Barclays: The bank has moved £166bn worth of assets from the UK to Ireland. It said it could not wait 'any longer' to implement contingency plans to deal with Brexit. The bank has moved £166bn worth of assets from the UK to Ireland.

Lloyds of London: The global insurance and reinsurance firm said it was working on transferring all European Economic Area (EEA) business to its new Brussels subsidiary before the end of 2020.

Jaguar Land Rover: Owned by India's Tata motors, the firm recorded a £395million first quarter loss, which it partly blamed on plant shutdowns ahead of the original Brexit deadline. It also announced in January that it would be cutting 4,500 jobs, the majority of which would fall in the UK.

British Steel: British Steel owners blamed 'owners blamed 'Brexit related issues' for their problems. The company went into liquidation in May 2019, putting 4,000 jobs at risk. The owners blamed 'Brexit related issues', saying that European customers were putting off purchases because of uncertainty over future trading arrangements.

HSBC: The banking and financial services giant announced that it was shifting ownership of its Polish and Irish subsidiaries from its London base to a French unit. Chief executive John Flint said in February that uncertainty was leading to 'customers postponing investment decisions', which was slowing down the UK economy. HSBC says customers were postponning investment decisions due to uncertainty over Brexit.

Airbus: The company, which employs 14,000 people in Britain, has warned that the firm could be forced to shut down UK plants. Chief Executive Tom Enders, warned that 'businesses were unable to prepare for the future'. Airbus has warned it could be forced to shut down UK plants. He urged people in January not to listen to the 'madness of Brexiteers' who told them the firm 'would always be here' and would not move. He said: 'They are wrong'. Who else has collapsed or moved abroad?

Panasonic: (Moved its European headquarters from the UK to Amsterdam)

P&O: (Shifted the registration of its UK vessels to Cyprus)

Sony: (Moving European headquarters from the UK to the Netherlands)

AXA: (Moved UK staff to Republic due to Brexit)

UBS: (Moved €32 billion)

EBA: (The European Banking Authority (EBA) closed its Canary Wharf office and will re-open in Paris, France)

Schaeffler: (Closed two UK plants because of Brexit)

Flybmi: (Went bust, cancelling all flights with immediate effect and blamed Brexit as the main cause of its collapse)

EMA: (The European Medicines Agency has closed its doors in the UK with the loss of 900 jobs ahead of Brexit)

MoneyGram: (Will move its European headquarters out of London to Brussels)

Nissan: (Nissan has reversed plans to invest in new manufacturing capacity in the U.K., citing 'continuing uncertainty' around Brexit)

Toyota: (Toyota has said that it could end U.K. production as early as 2023 if the country leaves the European Union without a deal)

Body Shop: (Body Shop will be making staff redundant in the UK as they move some of their operations to Europe, ahead of Brexit)

Michelin: (Michelin announced plans to close its factory in Dundee in 2020, nearly 50 years after it opened and where 845 people are employed)

Source:

The full article is seen on:

https://metro.co.uk/2019/09/23/companies-collapsed-moved-abroad-since-brexit-10795029/

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