Important relocations because of Brexit

There are many decisions being made, based on the possible outcome of Brexit, but many companies cannot wait until the last moment before making important relocation decisions.

These decisions don’t make news in the tabloid press, because bad news is not good for the country, economy or readership circulation.

Chubb a well known security and insurance company is relocating to France. Other insurance companies based in the “Services” sector are also moving to Ireland, Belgium, Spain, Malta and Luxembourg, and they are not coming back.

Not only will the UK receive less taxes from employee’s and less corporation tax, the loss to the Exchequer will last for many years.

This means either more Government borrowing, higher taxes or more austerity in the future.

Read Nicholas Stone‘s answer to Now that EU negotiator Michel Barnier has confirmed the the UK will get no special Brexit deal for financial services, what effect will that have on UK’s city banking, insurance, and services sector? on Quora

 

As the UK economy is made up of about 80% of service businesses, expect more businesses to move staff and relocate to the EU in the coming weeks.